December 1, 2018 1:48 PM

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China, US showdown looms on trade at fractious G20 summit

<span style="color: #222222;">The United States and China, the world's two largest economies, will attempt to find a breakthrough to exit a spiralling trade war as their presidents meet at the G-20 summit.</span><br />'' <span style="color: #222222;">  <br />''US President Donald Trump has described the Buenos Aires summit as a deadline for China to meet his demands or risk further pressure. Trump, who has already slapped 250 billion dollars in tariffs on China, sounded upbeat about making progress with his counterpart Xi Jinping after weeks of warnings.</span><br />'' <br />'' <span style="color: #222222;">In a speech to fellow G20 leaders, Xi said that the major economies "should firmly uphold free trade and the rules-based multilateral trading system." </span><br />'' <br />'' <span style="color: #222222;">Trump has accused China of rampant theft of US technology and demanded that China end its requirements that foreign companies team up with local partners. But, tensions have eased more recently, with Secretary of State Mike Pompeo assuring that the US is not seeking a new Cold War.</span><br />'' <br />'' <span style="color: #222222;">Yesterday, the United States, Canada and Mexico signed a new trade deal, a successor to the North American Free Trade Agreement. </span><br />'' <br />'' <span style="color: #222222;">While short of a complete rewrite of NAFTA once promised by him, Trump hailed the new Agreement as an "incredible milestone." </span><br />'' <br />'' <span style="color: #222222;">A substantive deal between the United States and China could mark a major feat for the G20 summit, where expectations for collective action have been low.</span><br />

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