Pompeo to travel to Argentina for G20 summit

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President Donald Trump is suggesting he may cancel his planned sit-down this weekend with Russian President Vladimir Putin over Russia's seizure of three Ukrainian naval ships Sunday.

"As in the past, I look forward to the opportunity to meet leaders on the sidelines of the summit to exchange views on bilateral matters of mutual interest", PM Modi had said in his departure statement.

"As costs jump for a wide range of USA industries that use Chinese goods as inputs, we estimate the tariffs to add about 0.50 percentage point to inflation". European markets and USA futures also gained.

The cancellation comes on the same day Mr Trump's former lawyer Michael Cohen made a surprise appearance in a NY court to plead guilty to lying to Congress about a project to build a Trump Tower in Russian Federation.

Russian news agencies quoted the Kremlin saying it had not been notified the meeting was cancelled.

"We should manage our competition, which is inevitable, but try to make sure it's peaceful, and we should try to carve out, still, areas where we might cooperate", former U.S. Ambassador Lord said. "And I would expect that to be the case again", said Matthew Goodman, who oversaw Asia-Pacific economic issues for the Obama White House.

U.S. Department of State said Wednesday that Secretary of State Mike Pompeo would travel to Argentina for the Group of 20 (G20) summit during November 29 and December 1.

President Trump will meet with China's leader Xi Jinping tomorrow, although it seems increasingly unlikely that the hundreds of billions of dollars in tariffs America has imposed on China will cease.

Like others at the summit, Mr Morrison wants the negotiations to ease the trade tensions but the US President sent a tweet on Thursday that hailed the success of his latest tariffs on imported goods.

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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. "I am open to making a deal but frankly I like the deal that we have right now", he said.

"What we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes".

Paul Haenle, director of the Carnegie-Tsinghua Center for Global Policy in Beijing, said Trump needs to properly overhaul the US-China trading relationship and press for lasting reforms by Xi.

On the flip side, Lam believe Xi will hold firm on some of the changes the Trump administration desires, including requests that China "level the playing field" by ending subsidies and preferential treatment for state-owned enterprises and forced transfers of technology, changes that would make China a real market economy.

Meanwhile the US, Canada and Mexico are expected on Friday to sign a revamped version of the North American trade pact NAFTA, which Trump excoriated when running for president.

G20 leaders, whose countries account for four-fifths of the world's economic output, first met in November 2008 to forge a united front against the global financial crisis.

In an interview with Argentine daily La Nacion, French President Emmanuel Macron warned against the risk of "a destructive trade war for all" emanating from the G20 discussions. "If we do not show concrete progress, our worldwide meetings become useless and even counterproductive", he said.

But Trump has repeatedly shown his disdain for worldwide summitry by blocking final communiques at other recent gatherings such as the G7 and the Asia-Pacific bloc APEC. This year marks the 10th anniversary of the G20 summit mechanism, which is of great significance for the Buenos Aires summit to be held in this context, he said.

Roughly an hour earlier, he had told reporters he would probably meet with Putin at the summit and said it was "a very good time to have the meeting".

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