This is Donald Trump's favorite trade chart

US calls China’s tariffs on American autos ‘egregious’ | Idaho Statesman

US calls China’s tariffs on American autos ‘egregious’ | Idaho Statesman

Trump, whose economic record is likely to be a key factor in his race for re-election in 2020, lashed out at General Motors (GE) after the company's recent announcement of US layoffs and plant closures and threatened additional tariffs.

"I think we're very close to doing something with China, but I don't know that I want to do it, because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes", Trump told reporters upon leaving the White House to travel to the G20 meeting in Argentina.

Trump departs Thursday for the Group of 20 summit in Argentina, where the homebody commander in chief will spend just 48 hours on the ground.

Mr Trump and Chinese President Xi Jinping are due to hold trade talks in Buenos Aires on Saturday, Reuters said.

According to presidential aide Yuri Ushakov, the Russian leader's schedule will be extremely intense for the next two days with "almost every minute mapped out".

Trump again ridiculed the investigation into the allegations and accused his former lawyer Michael Cohen of lying, after Cohen pled guilty to misleading Congress.

Financial markets though are less concerned about the ability of the leaders to present a united front and more anxious about the outcome of key bilateral meetings.

"There are some ... things in there that I think Democrats can support", Ms O'Neil said. He'll pack eight high-level meetings with foreign leaders into the two-day visit.

Chang told Yahoo Finance there is enormous pressure on Xi that makes it hard for the Chinese leader to deal with the United States in good faith.

For starters, US Trade Representative Robert Lighthizer on Wednesday slammed Beijing for failing to offer "meaningful reform" on aggressive trade policies and threatened tariffs on Chinese autos. On Thursday, Trump said he was "very close" to making a deal with China, but added, "I don't know if I want to do it".

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"I will tell you that I think China wants to make a deal, I'm hoping to make it a deal but, frankly, I like the deal we have right now".

While others in the administration are also clearly concerned about China's growing geopolitical influence and see its "One Belt, One Road" initiative as inimical to U.S. interests, Trump's perspective is narrower and more parochial. The United States slapped an additional 25 percent tariff on Chinese-made vehicles earlier this year, prompting China to retaliate.

Trump didn't elaborate further.

Trump has long said that intellectual property theft, currency manipulation and aluminum and steel dumping by Beijing contribute to a record $375 billion trade deficit.

The Leaders' Summit will be complemented by meetings of finance ministers from G20 member states.

Modi will also meet UN Secretary General Antonio Guterres, Argentinian President Mauricio Macri, Chilean President Sebastian Pinera, along with the prime ministers of Spain, Jamaica, the Netherlands and the president of the European Union and the European Council.

"If we do not show concrete progress, our worldwide meetings become useless and even counterproductive", he said.

Trump has repeatedly shown his disdain for global summitry by blocking final communique at other recent gatherings such as the G7 and the Asia-Pacific bloc APEC.

G20 sources said climate change was emerging as the biggest stumbling block to agreement on a communique in Buenos Aires.

"Any trade debate should convey a clear understanding of the effect of the U.S.' and its trading partners' actions on consumers, businesses and supply chains", said Philip Ellender, Koch Industries president of government and public affairs, told CNBC.

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