Thousands protest G20 policies as world leaders meet

Dec 02, 2018, 01:57
Thousands protest G20 policies as world leaders meet

G-20 leaders Friday opened annual talks rent by the deepest divisions since their first summit 10 years ago, as U.S. President Donald Trump came under fire and Saudi Arabia's de facto ruler came in from the cold.

The day will also see a highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping, whose nations have been embroiled in an escalating trade war with new U.S. tariffs on China goods set to take effect a month from now.

The Wall Street Journal reported that the Europeans also agreed to USA demands to leave out of the statement tenets that protectionism and trade disputes are bad for the economy, and that global institutions are useful.

"Donald, it is all the more reason we need to keep working to remove the steel and aluminum tariffs between our countries", Trudeau said.

The statement acknowledges flaws in the world trading system and calls for reforming the World Trade Organization.

While the US, Canada and Mexico held a signing ceremony of their new trade pact on the sidelines of G20 summit, China and France held a joint press conference to demonstrate their commitment to reducing climate change.

"They exchanged pleasantries at the leaders' session as he did with almost every leader in attendance", a senior White House official said.

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.

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Investors and the key USA trading partners agree that one of the main problems of the economic relationship lies in China's closed economy.

The Group of 20 is an global forum that brings together the world's 20 leading industrialized and emerging economies.

Saudi Crown Prince Mohammed bin Salman showed himself to be no pariah Friday at the G20 summit, with a beaming Vladimir Putin welcoming him but European leaders warning him over the killing of a dissident journalist.

Saudi Arabia has said the prince had no prior knowledge of the murder.

About 22,000 police officers and other security forces are guarding the leaders during the summit. While the possibility of selling USA military equipment was allegedly floated during the encounter, Argentina emphasized that it did not have the funds to make any purchase.

Trump declares it a victory on behalf of the U.S. workers he claims were cheated by Nafta.

The US metals tariffs have caused a storm because they are based on what Washington says are national security concerns, which makes them exempt from WTO rules. "I think I understood you better in your language than I did on this, but that's OK", Trump told Macri and then dropped his earpiece on the floor.

"The fact that this is an agreement in three languages adds to the level of technical complexity, and it is on that level that we're just being sure that all the i's are dotted and all the t's are crossed".

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The officials spoke on condition of anonymity because they weren't authorized to speak publicly about the closed-door discussions.

China responded with its own tariffs on $110 billion in United States goods.

Hopes of progress over tariffs in Mr Trump's expected talks with Chinese leader Xi Jinping have been dampened.

Trump has accused China of unfair trade practices and stealing of intellectual properties. China calls the United States protectionist and has resisted what it views as attempts to intimidate it.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the USA are all represented.

Growing concerns that the trade war will increasingly hurt corporate earnings and the US economy are a key reason why USA stock prices have been sinking this fall.

A final communique adopted after all-night haggling in the summit in Argentina said all other G20 members agreed to implement the "irreversible" Paris Agreement on climate change, while respecting different paces of economic development.

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