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Trade Deal Possible at G20 but Chinese Paper Says U.S. Must be 'Fair Minded'

  •  World
Investing.com

China and the United States can reach a trade agreement at the G20 meeting in Argentina this week, the state-run China Daily newspaper said in an editorial on Friday, but Washington must be “fair minded” if it wants to defuse spiraling tension, Reuters reports.

“Beijing wants a deal, just as Washington does. And it is willing to cooperate with Washington in dealing with concerns about trade if they are fair-minded,” the paper said.

“Should there be any other aspirations, such as taking advantage of the trade spat to throttle Chinese growth, then an agreement is unlikely to be reached,” it said.

World leaders started arriving in Buenos Aires on Thursday ahead of the gathering of the Group of 20, where global trade tensions, fueled by U.S. President Donald Trump’s trade war with China, are expected to dominate the agenda.

Financial and commodities markets are closely watching the outcome of the summit, especially a planned meeting between Trump and Chinese President Xi Jinping on Saturday, although the outcome is far from certain.

The stakes are high for the world’s two biggest economies. Official data on Friday showed that growth in China’s manufacturing sector stalled for the first time in more than two years in November.

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