Trump coy on China trade deal before meeting Xi

Narendr Modi

Narendr Modi

But she added that "a tradeable risk bounce on a paper deal at G20 will be unlikely to reverse sentiment structurally as the underlying US-China relationship is still deteriorating".

Stock rallies across Asia spread to European indexes and USA futures on Wednesday as investors took comfort from some reassuring words about trade by one of President Donald Trump's closest advisors.

He also threatened tariffs on $267bn of other Chinese exports to the US.

The trade war between the two economic giants may possibly even escalate.

Peter Navarro, Trump's hardline trade adviser, will attend the meeting between the leaders, a USA official told Reuters.

One of Trump's goals in issuing the tariff is to pressure Apple to move production to the USA; but the cost of shifting the tech leader's global supply chain from China to America would be expensive, hard and, therefore, "highly unlikely".

Additional tariffs on auto imports from China would affect any cars produced in China. France fears Trump will block or eclipse any progress at the summit, and President Emmanuel Macron's main task will be making sure Europe's voice is heard and doesn't get diluted by internal divisions.

But only days before the summit, he poured cold water on such optimism. The report sent the Dow briefly to its low of the day.

Known for relishing routine and preferring his own bed, Trump has largely eschewed marathon trips during the second year of his presidency after some more ambitious world tours in his first year. The two are expected to meet on the sidelines of the summit.

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The host, Argentine President Mauricio Macri, will also have to manage a potential legal challenge to the Saudi Arabian crown prince, Mohammed bin Salman, who is attending the summit weeks after his agents murdered journalist Jamal Khashoggi.

And a G7 summit in Canada in June ended in disarray as Trump retracted his endorsement of the joint statement. In that interview, he suggested, as he has previously, that China is desperate to make a deal while the United States has little incentive to do so: "I think that China wants to make a deal very badly".

Several automakers said privately on Wednesday they feared GM's action could prompt Trump to take action faster than expected on new tariffs.

While leaders will try to build consensus on key issues, the talks will be overshadowed by trade tensions between the United States and China.

Mr Lee talked about Singapore's interest to strengthen ties between both countries' Parliaments and deepen links with Argentina's provinces, particularly Buenos Aires and Santa Fe, two of Argentina's most significant provincial economies.

The G20 meeting is probably the last opportunity to avert an escalation of trade hostilities that are slowing China's economy and starting to have repercussions in the US. In 2011, Trump claimed "China is raping this country" during a tour of a defense manufacturer in New Hampshire, local media reported.

Instead of fighting back aggressively with more tariffs, China is more likely to defend its economy by easing fiscal and monetary policy, letting its currency fall and forging trade deals with other countries, analysts say.

Pence's actions in East Asia came on the back of an array of other U.S. moves critiquing China's activities - both in trade and security realms.

The Australian dollar lifted slightly to 73.2 United States cents and 57.2 British pence. It recently restricted American firms from selling parts to a Chinese company over national security concerns.

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