G20: Morrison to meet with Donald Trump after president cancels Putin talks

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The G20 members represent 85 percent of global GDP, two-thirds of the world's population, and 75 percent of worldwide trade.

The United States and China are exploring a trade deal in which Washington would suspend further tariffs through the spring of 2019 in exchange for new talks "looking at big changes in Chinese economic policy", the Wall Street Journal reported on Thursday. But he plans to use informal talks and whatever other avenues are available while in Buenos Aires to do what he can to help avoid a stampede toward protectionism. "We hope that the USA can meet China halfway and follow the consensus reached by the two leaders at the telephone conversation to strive for positive outcomes of this summit". "And they don't rip us off with me".

The rising trade tensions have been flagged by economists and the International Monetary Fund, among others, as a potential risk to the global economy.

President Trump offered a glimmer of hope earlier this month, when he said he thought the U.S. could strike a trade deal with China.

An expected high-profile bilateral meeting between Trump and Russian President Vladimir Putin planned for Saturday was abruptly canceled by Trump, who made the announcement in a tweet citing Russia's seizure of Ukrainian vessels last weekend. Trump intends to raise existing tariffs from 10% to 25%, while also looking at other imports that don't now have tariffs imposed on them.

"The reason that the small truck business in the U.S. is such a go to favourite is that, for many years, Tariffs of 25% have been put on small trucks coming into our country", Trump tweeted Wednesday.

Although this month Trump indicated that a deal could be struck, his administration has also accused China of not improving "unfair" practices in an update to a March report.

But Kudlow's comments indicate Trump is more upbeat about the prospects.

"I am very happy with what's going on right now", the USA president declared, referring to the current tariff situation.

He said the goods that would be affected represented only "a fraction of our economy" and that the US was in "better shape to weather this than the Chinese are".

A White House official said that Trump sees a "good possibility" for a deal to defuse the trade frictions, as Washington demands greater market access and protections for intellectual property by Beijing.

Kudlow said any agreement must resolve the issues of "fairness and reciprocity" at the heart of the dispute.

The stage could now be set for a possible escalation of the trade war between the two nations. Cohen said Thursday that the US President had spoken more extensively during the election with him about the project than he had initially admitted in Congress. "They're quite content to have a rules-based system, even to agree to modified rules, but they're not going to agree to them based on power alone and 'might makes right'".

"Australians have always prospered from this approach". The two sides also vowed to "work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans".

China had already hit the USA with $3bn of tariffs in April, in response to U.S. tariffs on global steel and aluminium imports.

A CNBC contributor on global trade says that "Peter at dinner is not a good sign" for any speedy resolution to the U.S.

Navarro called the Chinese government a "serial violator" of WTO regulations and emphasized that in light of China's IP theft and attempts to undermine USA business at home and overseas, that Beijing represents a critical threat to the economic and national security of the U.S.

"There has to be a recognition that these things haven't happened in isolation", Morrison told The Australian Financial Review.