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02 December 2018, 01:54 | Vera Richards
G20 Summit: Everything You Need To Know
There was an implicit contrast in some of the tributes offered at the Buenos Aires summit between Bush and the current White House occupant, Donald Trump, whose disruptive brand of diplomacy has stoked the deepest divisions in the G20´s 10-year history.
The day will also see a highly anticipated meeting between U.S. president Donald Trump and Chinese leader Xi Jinping, whose nations have been embroiled in an escalating trade war with new United States tariffs on Chinese goods set to take effect a month from now.
"Five years ago, when I first attended the G20 leaders' summit, I called for the maintenance and development of an open world economy", Xi said, according to a transcript of his speech. "The US should give its habitual winner-take-all approach to worldwide relations the weekend off", it said.
The World Trade Organization is on the verge of becoming dysfunctional, just when it is most needed to fulfil its role as umpire in trade disputes and as the watchdog of global commerce. It doesn't mention the word "protectionism", however, after negotiators said that had met resistance from the United Unite States.
Laura Jaitman, the Argentine Treasury official shepherding the G20's financing talks, said leaders had made progress on finance and trade and was hopeful a joint statement would be possible.
The wording on climate change was "a little bit more than the status quo but not backtracking", one European Union official said.
Trump also met with Chinese President Xi Jinping, where the topic of trade was likely to be brought up, considering the ongoing trade war between the two countries.
However, Trump made clear that he also wants to follow up on his historic June summit in Singapore as he tries to persuade the reclusive regime to give up its nuclear weapons.
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.
One of the main themes this year is trade and the global economy.
The Group of 20 Leaders' Summit began yesterday in Buenos Aires, Argentina, against the backdrop of disagreements among major powers over issues such as trade and geopolitical flashpoints.
The G20 started with a group photo and a warm handshake between Russian president Vladimir Putin and Saudi Arabian crown prince Mohammad bin Salman, who is accused of ordering the murder of journalist Jamal Khashoggi.
An Argentinian official quickly denied the claims to the South China Morning Post, saying that Trump spokeswoman Sarah Huckabee Sanders' remarks only "reflected the person's own view".
Saudi Arabia has insisted the prince had no prior knowledge of the killing. (EPA) Prime Minister Scott Morrison is expected to urge the United States to soften its hardline stance on trade with China.
The U.S. has imposed import taxes on $250 billion worth of Chinese products, citing predatory trade practices by the Chinese, and China has countered by targeting $110 billion in U.S. imports. European Union officials told The Associated Press that the US was the main holdout on nearly every issue.
Trump declares it a victory on behalf of the USA workers he claims were cheated by Nafta. "If we can make a deal, that would be good".
"I think I understood you better in your language than I did on this". I think we'd like to. "Everything's high security. It's unusual to see everything so empty", she said.
The officials weren't authorized to be named speaking about the closed-door discussions and spoke on condition of anonymity.
Wang Xiaolong, a Chinese Foreign Ministry official, said Friday that talks with the US were still ongoing and added that the two sides were finding more common ground.
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