World waits to see if Trump, Xi reach 'ceasefire'

April FrancisДек 02, 2018

Global leaders were expected to back an overhaul of the world body that regulates worldwide trade disputes at a summit on Saturday, delegates said, ahead of high-stakes talks between U.S. President Donald Trump and Chinese President Xi Jinping aimed at defusing a trade war.

In his speech to the G20 leaders' summit in Buenos Aires, Argentina on Friday, Xi said the world economy is at a historic crossroad and urged the global major economies to "demonstrate courage" to put world economy "on the right track". Highlighting the need to work closely towards common interests, he stressed on the need for unity among developing nations of the world.

"If we can see either a pause or a deal on the trade war this coming week, as well as some type of agreement between Russian Federation, the United States and Saudi.that's the basis of our call here", Corrie said.

U.S. officials have insisted that the United States economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

Among the other leaders at the summit will be Saudi Crown Prince Mohammed bin Salman, the focus of tensions over the murder of one of his prominent critics in October.

"Australia has always been a successful trading nation and that's how we will continue to ensure the prosperity for our people", Morrison told reporters after landing in Buenos Aires on Friday morning.

Trump imposed tariffs on steel and aluminium imports into the United States earlier this year.

Trump and Moon, meeting on the sidelines of the Group of 20 summit in Buenos Aires, "reaffirmed their commitment to achieve the final, fully verified denuclearization" of North Korea, Trump spokeswoman Sarah Sanders said.

In the wake of the meeting between Macri and Trump, the finance and energy ministries and Treasury Secretary Steven Mnuchin signed an agreement to foster cooperation and identify "trade and investment opportunities" in the energy sector, the local publication added.

A 3.8-magnitude natural disaster has struck 33 kilometres south of Buenos Aires, Argentina where several world leaders including Singapore Prime Minister Lee Hsien Loong have gathered for the G20 summit.

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"In relation to Mr Khashoggi, we want to see a full and transparent investigation of what happened and those responsible being held to account", she said.

Trump himself has cast the meeting as a do-or-die encounter that will either result in a deal or an escalation in the trade war.

Wang Xiaolong, a Chinese Foreign Ministry official, said Friday that talks with the US were still ongoing and added that the two sides were finding more common ground.

Trump said in a tweet that he was cancelling a news conference at the G20 summit as a mark of respect following the death of former President George H.W. Bush.

Ahead of the G20, White House economic advisor Larry Kudlow detailed what Trump wants out of China.

Trump was also scheduled to speak with German Chancellor Angela Merkel and Turkish President Recep Tayyip Erdogan. "I think the more likely surprise is they make more progress than what markets are expecting".

Any easing of tensions on trade could ease gains in the United States dollar and boost riskier assets including emerging-market currencies and stocks, though investors and analysts agree that the USA and China are trying to fix a long-term problem that cannot be solved in one dinner.

"So I think the risk is to the upside ahead of this meeting".

Morrison also met French president Emmanuel Macron to discuss the navy submarine contract, reforming the WTO and co-operation in the Indo-Pacific region. One French source said European leaders were trying to forge a separate statement on climate change excluding the US.

Signing the agreement alongside Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto, Trump said he looked forward to working with the US Congress to complete the terms of the deal and did not anticipate problems in passing it.

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