Published: Wed, June 19, 2019
Worldwide | By Lisa Hogan

China: What to expect from the G20 summit? - Standard Chartered

China: What to expect from the G20 summit? - Standard Chartered

The Office of the US Trade Representative (USTR) will hold public hearings in Washington, DC this month concerning the proposed $300 billion tariff hike on Chinese products. The Dow Jones Industrial Average was up more than 350 points, or almost 1.4 percent, in trading just before noon.

Eleven rounds of negotiations have failed to resolve the dispute over China's aggressive drive to surpass America's technological dominance. "Our respective teams will begin talks prior to our meeting", Trump said in a post on Twitter.

"The market says talk is better than no talk", Mr. Kudlow said, cautioning that there are "no guarantees" from the upcoming meeting.

Presidents Trump and Xi are also expected to discuss issues related to the Korean peninsula, such as North Korea's denuclearization, .because the G20 meeting will fall a week after President Xi travels to Pyeongyang. Trump ratcheted up trade tensions when he slapped tariffs on hundreds of billions of dollars worth of products in May. This also leads to mean that the company now will have to reopen its factories in the U.S. and limit their abilities.

He said the administration will push China to make fundamental changes to its economic policies.

"Our position will continue to be (that) we want structural changes".

Lighthizer appeared before the Senate finance committee to discuss the impact tariffs have had on US workers and the economy. "China and the USA will both gain by cooperating, and lose by fighting", Xi told Trump, according to a readout by Chinese state broadcaster CCTV. "My hope is that we can".

The two sides were close to a deal in May that addressed many of those concerns.

China is contending with a decelerating economy, high debts and consumer worries about the impact of Trump's tariffs.

A broad range of US companies told a hearing in Washington on Monday that they have few alternatives other than China for producing clothing, electronics, and other consumer goods as the Trump administration prepares 25% tariffs on remaining U.S.

But Pelosi, and other senior Democrats, say the proposed U.S. -Mexico-Canada Agreement (USMCA) must be reopened to add tougher enforcement provisions - something the administration says is unnecessary.

"I don't know if it will get them to stop cheating, tariffs alone", he said. I know what won't work, and that is talking to them because we've done that for 20 years. If a Mexican facility violates labor standards, their proposal calls for denying its goods any preferential tariff treatment and for rejecting any imports from facilities where forced labor has been demonstrated.

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