Trump faces China trade showdown, Russia, Saudi tensions at G20

Trump faces China trade showdown, Russia, Saudi tensions at G20

Both leaders, Donald Trump and Xi Jinping, are heading to the summit in Buenos Aires, Argentina, this week with the trade row between two of the world's largest economies expected to peak when they meet, according to Beijing's ambassador to Washington Cui Tiankai.

USA crude was up 0.1 per cent at US$51.68 a barrel, while Brent futures rose 0.2 per cent to US$60.60.

The Wall Street Journal said the administration has been anxious about a consumer reaction to such levies. "I mean, I can make it 10 per cent, and people could stand that very easily".

Mr Trump said it was "highly unlikely" that he would agree to Beijing's request to hold off on the tariff rise, the newspaper said.

White House economic guru Larry Kudlow told reporters Tuesday that new tariffs are definitely coming 'if we can't get something done.

The rally came after the S&P 500 on Friday recorded its lowest close in six months, down more than 10 per cent from September's peaks, putting it in "correction" territory. The tariff rate on that remaining amount would either be 10% or 25%, he said. In 2017, China accounted for 61.6% of electronics imports into the U.S., far exceeding South Korea's 4.5%, according to data from trade intelligence tracker PIERS. Trump's threat comes as the tech giant weathers concerns about slowing demand for the iPhone that have pushed company shares into a bear market in recent days.

President Donald Trump has repeatedly told reporters that tariffs on an additional $267 billion worth of Chinese goods are ready to go, should Beijing refuse to bow to United States demands and stop intellectual property theft.

"China should change its practices and come into the community of responsible trading nations", Kudlow said, stressing that he considers the United States economy in far better shape than China's to weather a prolonged trade war. 'I am conservatively optimistic that can be done, ' he added.

In an interview with the Washington Post, Trump said he was awaiting a "full report" from his national security team Tuesday evening about Russia's capture of three Ukrainian naval ships and their crews on Sunday. Since then, communications have picked up between the two sides, said Kudlow. What would the United States do?' Xu told a small group of reporters in Beijing on Tuesday, adding that China accounts for at least half of the market for many US listed companies.

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