Experts appeal for trade multilateralism as G-20 summit nears


More and more farms in Trump's political Midwest heartland are declaring bankruptcy, as China's retaliatory tariffs against USA grain imports begin to bite.

Following Russia's seizure of three Ukrainian ships, Trump threatened to cancel planned talks in Buenos Aires with President Vladimir Putin.

But the Kremlin said it remained on the calendar, as Putin defended the action.

Chinese and US flags are set up for a meeting during a visit by US Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing April 27, 2018.

The prime minister further said if the mind is at peace, there would be peace in family, society, country and the world as well.

There will be a historic moment in this gathering storm on Saturday evening, when Trump is due to have dinner with China's president and Communist Party leader, Xi Jinping, at the G20 leaders' summit in the Argentine capital, Buenos Aires.

En route to Argentina, Xi vowed on Wednesday that China would "make a lot of efforts to speed up market access, improve the investment environment and increase protection of intellectual property".

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"There is some anecdotal evidence that USA importers are likely pulling forward orders to get ahead of additional tariffs on Chinese goods, which could be one of the factors driving imports higher in recent months", said Pooja Sriram, an economist at Barclays.

For the G20 as a whole, Argentine Foreign Minister Jorge Faurie told AFP that the summit should stress the importance of trade itself.

"If we do not show concrete progress, our worldwide meetings become useless and even counterproductive", he said.

"I hope that the United States and China could move towards each other and work hard to achieve positive results in the meeting", Mr Gao said, without giving any details.

"The reason that the small truck business in the such a go-to favorite is that, for many years, tariffs of 25% have been put on small trucks coming into our country".

Michael Shifter, head of the Inter-American Dialogue, a Washington-based think tank, said that this G-20 summit was once considered an opportunity for Latin American members Argentina, Brazil and Mexico "to project a regional bloc to shape a global agenda".

In November 2008, countries representing four fifths of the world's economic output came together to forge a collective front against the financial panic then engulfing the West.

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An indication of how ill-equipped the Trump administration is to meet this moment is its gross miscalculation in starting the trade war with China.

Trump has repeatedly shown his disdain for global summitry by blocking final communique at other recent gatherings such as the G7 and the Asia-Pacific bloc APEC.

When President Donald Trump travels overseas, he increasingly likes to keep it quick.

At best, analysts say, there will be a temporary truce at the G20 to give both Trump and Xi something to crow about. I'm open to making a deal.

The United States has imposed import taxes on $250 billion worth of Chinese products and China has countered by targeting $110 billion in US imports.

The G20 was formed in 1999 to bring stability to the global financial system, promote long-term sustainable growth and strengthen global financial governance.

Prime Minister Narendra Modi attended a "Yoga for Peace" event after his arrival here to participate in the G20 summit during which he will hold several bilateral meetings, said an official statement on Friday.

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