Trump to meet leaders of Japan, China, Russia, Germany at G-20

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Mood on Asian stock markets tested by Trump's tariff threats

With the major world economies looking forward to the outcome of tomorrow's dinner between US president Donald Trump and his Chinese counterpart, Xi Jinping, Goldman Sachs Group Inc. has said a continued escalation of the US-China trade war would be the "most likely" result.

U.S. President Donald Trump is open to reaching a deal on U.S.

The United States has imposed import taxes on $250 billion worth of Chinese products and China has countered by targeting $110 billion in US imports. CGTN's Jessica Stone unraveled this in a report. Trump and Xi will talk trade as a mounting series of tariffs levied by Washington and Beijing contribute to concerns about slowing global economic growth.

The warning from Larry Kudlow, director of the National Economic Council, came ahead of the two leaders' high-stakes sit-down on Saturday evening.

Markets are hoping a deal can be reached before the end of the year, when USA duty rates are due to increase significantly.

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"I think China wants to make a deal".

China had decreased tariffs for all other countries to 15 percent, but forced an additional 25 percent retaliatory tariff on US vehicles.

Trump is seeking concessions on alleged intellectual property theft and what he describes as exploitative trade practices, while Xi is hoping the president pledges limits new tariffs on Chinese goods.

The moves prompted retaliatory duties on US goods that have hit certain American businesses, particularly in the agriculture industry. Asked if more duties will harm the US economy if the sides fail to reach a deal, Kudlow called the goods affected "a fraction of our economy" but noted there would be "winners and losers in that game".

However, Moscow said USA domestic politics may have been the real reason behind the cancellation. "We're having now a lot of communication with the Chinese government at all levels", Kudlow said.

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Trump added: "I don't like that aggression".

Later the Argentine official shepherding the G-20 finance talks, treasury official Laura Jaitman, said Trump was "very active and committed" in the dialogue and said progress was made in Friday's talks on finance and trade.

Asked about the European concerns, a US official said progress was being made on the joint statement and the White House was "optimistic" about the document as a whole.

Economists and critics of the president's trade policies point out duties are paid by importers and thus constitute a tax on United States industry and consumers that is not paid by China. He has even threatened to target the remaining $267 billion goods which also include Apple iPhones and laptops manufactured in China.

"There may be a statement of principles (in Buenos Aires), confirming they will maintain negotiation and communication, but I think it will be hard to reach a comprehensive agreement, because to do that both sides need to make big concessions", he said.

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Earlier Tuesday, Kudlow expressed skepticism about Trump striking a deal with Xi on Saturday.

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