Interview: Xi's visit to further strengthen Argentina-China ties, says Argentine FM

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"We hope that both sides can discuss and find solutions based on mutual respect, equal integrity and mutually beneficial principles", Wang Shouwen, China's vice commerce minister, told the media last week.

Wendy Cutler, a former U.S. trade negotiator now at the Asia Society institute in the United States, said the best to expect at the G20 would be a "ceasefire" as both sides agree to go back to talks.

The US president will shortly follow in Buenos Aires his Chinese counterpart Xi Jinping, with whom he planned to hold talks to try to stop the escalation of customs retaliation between the two countries, which threatens global growth.

The United States has already imposed tariffs on more than $250 billion in Chinese goods in an attempt to pressure the country to reverse its alleged unfair trade practices.

But Trump said in the interview with the Journal that he is open to possibly expanding United States tariffs to an additional $267 billion worth of goods if a trade deal is not reached when he meets with Chinese President Xi Jinping at the G20 summit.

Cell phones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on U.S. consumers.

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And that cost would continue after a ceasefire in the current trade war.

White House officials said this week Trump was open to making a trade deal with Xi when they meet. U.S. President Donald Trump has suggested the country wants to raise tariffs on all imported automobiles to 25 percent.

A decade on, that unity has vanished as the "America First" Trump shreds the consensus underpinning worldwide trade and other G20 countries such as Brazil, Italy and Mexico turn to populist leaders.

Apple, which is now exempt from the existing tariffs, didn't comment to the WSJ, but has suggested to USA trade authorities that tariffs would put the California-based company at a disadvantage against competitors overseas and that it could mean higher prices for US consumers.

"I really don't know, but I will tell you that I think China wants to make a deal", he continued.

Washington has kicked off the process of putting tariffs and investment restrictions on Chinese companies, while taking the Middle Kingdom to the World Trade Organization for dispute settlement.

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National security adviser John Bolton said Trump will also be meeting with German Chancellor Angela Merkel, Japanese Prime Minister Shinzo Abe, Argentine President Mauricio Macri, South Korea's Moon Jae-in and Indian Prime Minister Narendra Modi. "I mean, I can make it 10 per cent, and people could stand that very easily".

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"The participation of Chinese companies, whether in the energy sector or in infrastructure, contributes to the development of our economy", he said, noting that the cooperation also benefits the Chinese entities involved.

Kudlow says the Trump administration has been "extremely disappointed" by China's engagement in trade talks but the meeting between Trump and Xi on the sidelines of the Group of 20 summit could be a game-changer.

If that negotiation has averted one trade war, the International Monetary Fund said Trump's threatened auto tariffs on Europe and Japan could lop three-fourths of a per cent of the global economy. "We have an opportunity to extend that optimism, break some new ground", Kudlow said.

Given that Trump doesn't appear to understand the issues, and China isn't going to surrender its aspirations, there is little reason to be optimistic about the outcome of the Trump dinner with Xi Jinping.

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