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If the two sides fail to reach a deal, Trump said he will also impose tariffs of either 10 percent or 25 percent on the remaining $267 billion in annual USA trade with China.

Overhanging the summit in Buenos Aires, the Argentine capital, is a bitter trade dispute between the United States and China, the world's two largest economies, which have imposed tariffs on hundreds of billions of dollars of each other's imports.

India hopes to play a constructive role to help build a middle ground consensus among the world's major economies if the U.S. and China spar over a final statement of the G20 summit at Buenos Aires beginning Friday, said a senior government official.

US President Donald Trump is warning that the Brexit deal struck with the European Union could hamper trade between London and Washington.

On the back of Republican losses in the recent U.S. midterm elections, President Donald Trump appeared to be upping his aggressive stance regarding trade talks ahead of the two-day Group of Twenty summit in Argentina, which got under way on Friday.

Approximately half of all Chinese imports to the USA have been subject to a 10 percent tariff since September, but if upcoming trade negotiations between the United States and China don't work out, the tariffs could be expanded to all imported goods from China. The meeting is being held amid the ongoing trade war between the U.S. and China.

Trump recently lit into Macron over his suggestion that Europe build up its militaries because the continent can no longer depend on the U.S. Trump also criticized him over French tariffs on U.S. wine and even Macron's approval ratings.

"The new agreement lifts the risk of serious economic uncertainty that lingers throughout the trade renegotiation process - uncertainty that would have only gotten worse and more damaging had we not reached a new NAFTA", Trudeau said.

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U.S. -China trade talks led by Treasury Secretary Steven Mnuchin have been on-again, off-again several times, but Trump is slated to talk trade with Xi himself at the Argentina G20.

On November 30 and December 1, Jamaica, representing the Caribbean Community (Caricom), will join the members of the Group of Twenty (G20) and other invited guests at the 13th Summit in Buenos Aires, hosted by the President of Argentina Mauricio Macri.

Kudlow said any agreement must resolve the issues of "fairness and reciprocity" at the heart of the dispute. "China trade conflict", Willis Sparks, director of global macro politics at Eurasia Group.

But Trump sent mixed signals later on Thursday about the prospects for a trade deal with China, saying an agreement was close but he was not sure he wanted one.

President Donald Trump remains set on getting the USA what he thinks are better trade deals.

"U.S. and European officials will continue criticizing Russian Federation [while] Trump will probably continue to waffle on the issue", he said. However, all eyes are on the Trump-Xi dinner meeting on Saturday, wherein the current trade tension is expected to dominate the proceedings.

These include, the USA alleges, hacking into US firms' computer networks to steal trade secrets and demanding that American and other foreign companies hand over technology in exchange for access to the Chinese market. "It really is an open question", said former Canadian negotiator Thomas Bernes, a senior fellow at the Ontario-based Centre for International Governance Innovation.

China, for its part, is hoping for "positive results" in resolving its trade dispute with the United States, the commerce ministry said on Thursday.

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