TRUMP COULD MEET XI ON SIDELINES OF G20 MEET
13, May 2019
Prelims level : International
Mains level : Governance, Constitution, Polity, Social Justice and International Relations
Why in News:
- President Donald Trump and China’s Xi Jinping could meet on the sidelines of the G20 summit to hash out their differences on trade, but no new talks are scheduled.
Details:
- The world’s top two economies ended two days of negotiations in Washington with no deal The G20 summit is scheduled to take place in Osaka on June 28-29.
- Mr. Trump ordered new punitive duties, on $200 billion worth of Chinese imports, raising them to 25% from 10%.
- He then ordered a tariff hike on almost all remaining imports — $300 billion worth
Group of 20:
- The G20 (Group of 20) is an international forum which includes 19 of the world’s largest
- economies and the European Union.
- G20 is a forum for economic, financial and political cooperation. It addresses the major global challenges and seeks to generate public policies that resolve them.
Significance of G20:
- Together, the G20 members represent
- Two thirds of the world population. 85% of the global gross product.
- 75% of international trade.
- 80% of global investments in research and development.