Against the background of the escalating trade skirmish between China and the United States, markets are hoping that the tete-a-tete between Presidents Trump and Xi will be seen in retrospect as a turning point for the two countries and the global economy. The United States imposed a 25 percent tariff on Chinese vehicles on top of the 2.5 percent it normally charges.
China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge.
American businesses and lawmakers on both sides of the aisle agree that the China trade issues should be addressed - but not everyone believes that tariffs are the right way.
Trump "realizes the ramifications" of levying tariffs, he said.
U.S. 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. We really don't have a deal with China. Could they not authorize new phones for sale in the country?
"How do we preserve that system that has sustained peace and prosperity for 70 years?" said Colin Robertson, a VP at the Canadian Global Affairs Institute, when asked which question he'd like to see leaders tackle in Argentina. "If we don't make a deal, then I'm going to put the$267 billion additional (tariffs) on".
"We believe that the key to a negotiated solution to the trade issues is a balanced approach to the concerns of both sides and honestly so far I have not seen sufficient response from the USA side to our concerns", Cui said, Reuters reported on Tuesday. "If we do not show concrete progress, our worldwide meetings become useless and even counterproductive", he said.
With Xi, Abe may talk about North Korea and other global issues, including the escalating trade war between Washington and Beijing, the officials said.
Washington wants Beijing to act to reduce a $375 billion trade surplus by opening its economy to foreign competition, increasing protection for USA intellectual property, ending joint venture requirements that lead to technology transfers and cutting subsidies to state-owned industries.
Despite Kudlow's repeated insistence that Trump sees cause for optimism, he also underlined the tough conditions that the administration wants to impose on Beijing.
Allowing China Mobile access to United States telecommunications networks would carry a "substantial and unacceptable risk" to national security and law enforcement, the USA government has said.
China is testing a cutting-edge new plan authorities say will make it easier for citizens to do business and build trust in one another.
Xi will pay a state visit to Argentina and attend the 13th Group of 20 (G20) summit in Buenos Aires during his Europe and Latin America trip from November 27 to December 5, which also takes him to Spain, Panama and Portugal.