Xi, Putin meet on G20 sidelines


This year's two-day gathering is seen as a major test for the G20 industrialized nations to assuage trade tensions amid surging nationalist sentiment in many member countries. With a rise in nationalist sentiment in many countries, the group faces questions over its ability to deal with the latest round of crises.

He is still scheduled to join Xi, the Chinese President, for a working dinner on Saturday to hash out a possible ceasefire to the trade war that has roiled their countries and threatens to wreak havoc on the global economy if the ratcheting-up persists.

In a pair of Twitter posts on Wednesday, Trump pointed to a longstanding USA tariff on imported pickup trucks that has helped US -based automakers dominate that market.

"We hope the USA can show sincerity and meet China half way, to promote a proposal that both countries can accept", Foreign Ministry spokesman Geng Shuang told a briefing in Beijing.

Canada and Mexico, two other major sources of USA auto imports, are set to be exempted from any tariffs as a result of the new version of the North American Free Trade Agreement negotiated by Trump.

Britain's Finance Minister Philip Hammond arrived Thursday morning and has already participated in a forum in downtown Buenos Aires
Britain's Finance Minister Philip Hammond arrived Thursday morning and has already participated in a forum in downtown Buenos Aires

"It's not just for our people, all of the G20 nations have benefited so significantly by their exchanges and trade with each other".

Trump's remarks came as he prepared to depart for the summit.

However, delegates to the Buenos Aires talks said good progress had been made on economic sections of the final communique. The second session, which was opened by Al-Jadaan who was the keynote speaker at the session, focussed on financial progress in the group's works, ways to make its role effective by building on what is has achieved, mechanisms to reach consensus on controversial financial and economic issues, and streamlining the G20 agenda.

Day two of the summit began with G20 leaders paying tribute to the former USA president George HW Bush, who died on Saturday aged 94.

He said the European Union is expected to extend sanctions on Moscow over its "totally unacceptable" seizure of Ukrainian ships and their crews near the Crimean Peninsula.

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The White House in recent weeks has reached out to the chief executives of German automakers including Daimler AG, BMW AG and Volkswagen AG about meeting to discuss the status of auto trade.

The presence of Crown Prince Mohammed bin Salman at the summit also raised an awkward dilemma for leaders.

As soon as he arrived, the crown prince was confronted by French President Emmanuel Macron, who pressed him on the Khashoggi investigation and the Saudi-backed war in Yemen.

The bilateral meeting, however, tackled infrastructure and energy initiatives following an agreement between the U.S. Overseas Private Investment Corporation and the Argentine government on Wednesday, pledging to allocate as much as $800 million to explore oil and natural gas in the Vaca Muerta field, located in the northwestern province of Neuquén, El Clarín reported.

Trump argues that the massive balance of trade in China's favour is not sustainable for the American economy.

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Trump said in their meeting, he'd discuss trade and military purchases with the Argentine president.

Meanwhile, oil markets anticipated a bilateral meeting between Putin and Prince Mohammed on Saturday for a sign that Russian Federation will participate in a production cut by the OPEC oil cartel next month. The President has openly expressed his fondness for hearing differing points of view on trade, and has fostered the intra-administration disputes that have marked his policy toward China.

Xi didn't mention USA or the trade war in his speech.

Trump said on Friday there were some good signs for the talks with China ahead of his meeting with Xi.

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