US president Donald Trump and China’s president Xi Jinping will meet for dinner on Saturday, December 1. in Buenos Aires, right after the end of the G20 Leaders Summit.
That could set the stage for a truce between the United States and China, several American officials said, in the form of an agreement that would delay new tariffs for several months while the world’s two largest economies try to work out the issues dividing them.
“There’s a good possibility that we can make a deal, and he is open to it,” Trump’s chief economic advisor, Larry Kudlow, said on Tuesday. But if the meeting failed to produce a breakthrough, he said, Trump was “perfectly happy to stand on his tariff policies.”
The suggested tariff policies that Trump has been keen on implementing including a rise on the existing US import tariff on US $200 billion of Chinese goods from 10 to 25 percent come January 1.
Trump also suggested that Apple products such as iPhones and laptops made in China and imported to the US could be hit, despite having so far been exempted from the tariffs. This comment triggered a sell-off in Apple shares putting the company on course to lose its crown as the world’s most valuable firm, with Microsoft to take its place.
- Read more: G20: Who Will Meet With President Macri?
Another American official said the major internal debate now was over the scope of a compromise Trump could offer Jinping: postponing the increase in tariffs to 25 percent, plus the US $267 billion in new tariffs — or only the new tariffs.
In an interview with the Washington Post yesterday, Trump floated the idea of cancelling a bilateral meeting with his Russian counterpart, Vladimir Putin, after Russia attacked and seized three Ukrainian naval Vessels. He said his final decision would be conditional on the result of a report he is set to receive. “I don’t like that aggression,” Trump said about the attack that led Ukraine prepare the imposition of martial law.
A Less Stressful Event
Whilst everyone is focusing on the plethora of bilateral meetings and the agenda of the G20 Summit, the Prime Minister of India, Narendra Modi, will participate in a yoga and meditation class in La Rural, on Thursday afternoon. The class, which will begin at 6.30 PM in the Ochre Hall, is organized by El Arte de Vivir and is open and free access to anyone. A large advocate of the practice, he will make a call of awareness for the World Peace just hours before the beginning of the summit.