Trump and Xi at G20 in Hamburg: Time to abandon illusions

Posted July 10, 2017

"There was a question mark there, as to whether or not the EU. would be able to continue signing free trade agreements in the future", said André Sapir, an global trade expert and a former economic adviser to the European Union's Director General for Economic and Financial Affairs.

Others held fast to the "Mar-a-Lago fantasy" - a world of history lessons from Xi, flattering tweets from Trump, and where no problem, not even Taiwan, could not be resolved through the Cui-Kushner channel - China's ambassador to the U.S. and Trump's son-in-law and trusted mediator. More than 70 percent of the steel used in the US comes from domestic mills. "We ask the G-20 economies to join us in this effort and to take concrete actions to solve these problems".

Taking out his mobile phone, Mr Macron said that when he bought it, he created a trade deficit with the USA, but that when America built it, it created a trade deficit with China.

"The United States made some of the worst Trade Deals in world history".

In addition to being intellectually dishonest, asserting that steel imports pose a threat to US national security could be internationally destabilizing. "It also has to do with the national security of our country".

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Trump's chief economic adviser played down tensions between the USA and other nations as the president headed home from his first G-20 summit.

The Sept. 5 communique urged the OECD to help countries "enhance communication and cooperation", take "effective steps to address the challenges", and "encourage adjustment".

As the Trump administration presses the Chinese leadership to deal more proactively with Pyongyang, it must also be able to robustly defend U.S. interests in the South China Sea, raise human rights concerns, and identify common regional and global challenges where our countries can work together constructively.

In 2016, steel producers in the European Union sold over 3.2 million metric tons of their steel to the United States, which is the largest importer of steel in the world. In 2015, China produced 10 times as much crude steel as the United States.

Trump attacked China for ramping up trade with North Korea in a Wednesday tweet, saying that "trade between China and North Korea grew nearly 40% in the first quarter".

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After the conclusion of the first day of meetings, Treasury Secretary Steven Mnuchin said that Trump's interactions with foreign leaders were going well. There were sharp warnings about US steel policy as Trump mulls restrictions on imports. He suggested putting on Chinese imports 45% tariff and said he would announce on his first day in the office that China was a currency manipulator, and he said proposing taxing imports from Mexico that he would rip up the trade deals and referred this as the Trans-Pacific Partnership, or TPP.

Germany, which holds the rotating G-20 presidency this year, led the "very difficult" negotiations to reaffirm 19 members' commitment to the Paris accord while accommodating Mr. Trump's stance on clean energy, officials said.

At summits such as the G-20, negotiators hammer out a final statement that is supposed to distill consensus and set policy directions for the many countries and organizations that have come together. European leaders hope the meeting between Trump and Putin does not mean a weakening of the USA position on the Ukraine question, more than three years after Russia's takeover of Crimea.

Now, the EU-Japan pact underscores the economic risks for the United States if it's bypassed in global economic pacts.

Also looming over the gold price are the minutes of June's Fed meeting, which many awaiting for news about the Fed's plans for further interest rate hikes this year, Reuters reported.

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