G20 Showdown: All Eyes On Trump As World Leaders Meet
The world’s most powerful leaders will meet in Buenos Aires on Friday, but whether the G20 summit is a success likely all depends on one man – Donald Trump.
The United States President has revealed he will dine with China’s Xi Jinping, and there is a lot at stake.
“Trade is an area where the world has been heading backwards for a while,” said Chris Richardson, economist for Deloitte.
“Unless we get some sort of agreement between China and the US, those tariffs will step up again January 1.”
Some Chinese goods entering the US are currently taxed at 10 percent, but that will rise to 25 percent at the beginning of next year.
“The trade stuff is important, and it’s particularly important because we risk doing dumb things.”
If it continues to escalate, Richardson warned it will be felt in Australia.
“It’s enough to lose 20,000 jobs in Australia, it is about a month of job growth in Australia.”
Scott Morrison missed out on one-on-one time with Trump at the G20 summit, where the trade war between superpowers will be centre stage.
READ MORE: Morrison Fails To Come Up Trumps For G20
Climate change, women’s empowerment and the digital economy are also the agenda.
The G20 is a highly regimented event, but with Trump bringing his signature spontaneity, anything is possible.