President Donald J. Trump Champions Economic Growth and Prosperity at the G20 Summit

ECONOMY & JOBS

Issued on: December 1, 2018

"Let us resolve to use our power, our resources, and our voices, not just for ourselves, but for our people — to lift their burdens, to raise their hopes, and to empower their dreams.

President Donald J. Trump

PROMOTING GROWTH AND PROSPERITY: President Donald J. Trump championed the successes of his pro-growth agenda at this year’s G20 Summit.

President Trump used the G20 Summit as an opportunity to reiterate his commitment to promoting economic growth and prosperity both domestically and across the world.

At the G20, President Trump highlighted the Administration’s successes in achieving historic tax cuts, cutting regulations, and promoting workforce development.

President Trump’s economic policies have resulted in the United States seeing historically low unemployment and strong economic growth.

The President encouraged other countries to follow this path to promote economic growth and prosperity for citizens worldwide.

President Trump urged leaders to invest in job training and workforce reskilling to meet the needs of high-demand industries.

President Trump also addressed the need to promote economic opportunities for women around the world.

ACHIEVING FREE AND BALANCED TRADE: President Trump is working with world leaders to advance free, fair, and reciprocal trade.

President Trump seeks to advance a global economic system that is based on fair economic competition and free, fair, and reciprocal trade.

The President is working with other leaders to fight unfair trade practices.

            At the Summit, the President officially signed the United States–Mexico–Canada Agreement (USMCA) – the largest, most advanced, and most balanced trade deal in our history.

            Once implemented, the USMCA will replace the North American Free Trade Agreement (NAFTA).

            The Agreement will make North America the most competitive free, fair, and reciprocal trading bloc in the world.

            In addition, President Trump met with many world leaders about securing fair market access for United States goods and services through bilateral trade deals.

INVESTING IN INFRASTRUCTURE AND ENERGY: President Trump is promoting the development of quality infrastructure and energy investment.

President Trump understands that modern infrastructure is a critical component of achieving economic growth.

            During the G20, the President highlighted the need for transparent and accountable infrastructure finance.

            Such finance will support the development of high-standard, quality infrastructure that does not deepen the debt of developing countries.

            Last month, President Trump signed the BUILD Act to reform, expand, and modernize our country’s development finance tools to spur private-sector led development.

        The President also secured G20 recognition of the role all sources of energy play in economic growth, energy security, and energy access, while supporting a healthy environment.

Meanwhile, President Trump had Working Dinner with the President of the People's Republic of China.

REMARKS

Remarks by President Trump and President Xi of China Before Bilateral Meeting

FOREIGN POLICY

Issued on: December 1, 2018

Palacio Duhau – Park Hyatt Buenos Aires

Buenos Aires, Argentina

5:47 P.M. AST

PRESIDENT TRUMP:  Thank you very much.  And it’s a great honor.  This is a very important meeting.  A lot of people are looking forward to it.  I know that President Xi and myself are looking forward to it.  And we’ve also established an incredible relationship.

I want to thank the President for his nice, best wishes to the Bush family on behalf of a man that we all respected and liked very much, President Bush.  And we very much appreciate that, Mr. President.

We will be going back — I will be going back to Washington right after this dinner, and we’ll be spending three days of mourning and three days of celebrating a really great man’s life.  So we look forward to doing that, and he certainly deserves it.  He really does.  He was a very special person.

I spoke with Jeb and George today, and we had great conversations.  And we discussed, actually for quite some time, the father and how much they love him and how much that he loved them.

So we are now going to start our meeting.  We’ll be talking about a number of topics.  One topic that we’ll bring up will be the fentanyl problem that we have in the United States, which is a tremendous problem.  I’ll be asking the President to do something about that; I think he’ll be able to.  If he puts that on a restricted category, we’ll be able to pretty much stop it right there.  That would be — to criminalize it in China would be a great thing.

We’ll be discussing trade.  And I think at some point, we’re going to end up doing something which is great for China and great for the United States.  And I look very much forward to the dinner.  I look very much forward to the discussion and, I’m sure, discussions after.

But the relationship is very special, the relationship that I have with President Xi.  And I think that is going to be a very primary reason why we’ll probably end up — ending up getting something that will be good for China and good for the United States.

So we very much appreciate it.  Please.

PRESIDENT XI:  (As interpreted.)  Honorable President Trump, the Secretaries of the American side, while it is indeed a great pleasure to have this meeting with all of you in the city of Buenos Aires, (inaudible) this is a manifestation of our personal friendship.

It has been quite a while since our previous meeting.  And over the past recent period, a lot of things have taken place in the world.  China and the United States, two important countries with major influence in the world, showed the important responsibilities for international peace and prosperity.

Only with cooperation between us can we serve the interest of world peace and prosperity.  And that is why I look forward to this meeting between the two sides, where we could have exchange of ideas or issues of mutual interest, and also, especially, to jointly map out a future for China-U.S. relationship.

I’m also greatly saddened by the passing away of the late President Bush, who is someone who made important contribution to China-U.S. friendship and relationship during his lifetime.  And this morning, via the Chinese Foreign Ministry, I have sent a message of condolences to President Trump, and hopefully you will convey our condolences to the Bush family.  Thank you.

PRESIDENT TRUMP:  Well, thank you very much.  That’s very nice, and I appreciate it.

I want to just add that Air Force One will be taking myself and a large group of our people back to Washington.  It will then be reset and it will be sent to Houston to pick up the casket of President Bush and then be brought back to Washington.

So that will be done in pretty rapid order.  Most of you know the process, the procedure.  But we’ll be sending Air Force One, which is a special tribute that he deserves very much.  And it’s my honor.  And again, he’ll be missed.  He’ll be greatly missed.  He was a terrific person and terrific man.

Thank you all very much.  Appreciate it.  Thank you.

END

5:56 P.M. AST

Statement from the Press Secretary Regarding the President’s Working Dinner with China

FOREIGN POLICY

Issued on: December 1, 2018

The President of the United States, Donald J. Trump, and President Xi Jinping of China, have just concluded what both have said was a “highly successful meeting” between themselves and their most senior representatives in Buenos Aires, Argentina.

Very importantly, President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.

On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately.

President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.

It was also agreed that great progress has been made with respect to North Korea and that President Trump, together with President Xi, will strive, along with Chairman Kim Jong Un, to see a nuclear free Korean Peninsula. President Trump expressed his friendship and respect for Chairman Kim.

President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.

President Trump stated: “This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honor to be working with President Xi.”

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President Trump Meets with the PM of Japan and the PM of the Republic of India

The White House

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President Trump Participates in a Meeting with the Prime Minister of Australia.

The White House

The economy of the United States is a highly developed mixed economy.  It is the world's largest economy by nominal GDP and the second-largest by purchasing power parity (PPP).   It also has the world's seventh-highest per capita GDP (nominal) and the eleventh-highest per capita GDP (PPP) in 2016.   The US has a highly diversified, world-leading industrial sector.   It is also a high-technology innovator with the second-largest industrial output in the world.  The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its science and technology, its military, the full faith of the U.S. government to reimburse its debts, its central role in a range of international institutions since World War II, and the petrodollar system.  Several countries use it as their official currency, and in many others, it is the de facto currency.   

The largest trading partners are:  China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan.

The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.   It has the second-highest total-estimated value of natural resources, valued at $45 trillion in 2016.   Americans have the highest average household and employee income among OECD nations, and in 2010, they had the fourth-highest median household income, down from second-highest in 2007.

The United States has held the world's largest national economy (not including colonial empires) since at least the 1890s. It is the world's largest producer of oil and natural gas.  In 2016, it was the world's largest trading nation  as well as its second-largest manufacturer, representing a fifth of the global manufacturing output. The U.S. also has both the largest economy and the largest industrial sector, at 2005 prices according to the UNCTAD.  The U.S. not only has the largest internal market for goods, but also dominates the trade in services. U.S. total trade amounted to $4.92 trillion in 2016.  Of the world's 500 largest companies, 134 are headquartered in the US.

The U.S. has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization.  Foreign investments made in the U.S. total almost $2.4 trillion,  while American investments in foreign countries total to over $3.3 trillion.  The U.S. economy is ranked first in international ranking on venture capital and Global Research and Development funding.  comprised 71% of the U.S. economy in 2013. The U.S. has the world's largest consumer market, with a household final consumption expenditure five times larger than that of Japan.  The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world.  The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.

The U.S. economy experienced a serious economic downturn during the Great Recession which technically lasted from December 2007 – June 2009. However, real GDP regained its pre-crisis (late 2007) peak by 2011, household net worth by Q2 2012,  non-farm payroll jobs by May 2014, and the unemployment rate by September 2015.  Each of these variables continued into post-recession record territory following those dates, with the U.S. recovery becoming the second-longest on record in April 2018.  Debt held by the public, a measure of national debt, was approximately 77% of GDP in 2017, ranked the 43rd highest out of 207 countries. Income inequality ranked 41st highest among 156 countries in 2017,  and ranks among the highest in income inequality compared to other Western nations.

Its largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan.

According to the United States Census Bureau, 2016 Top Trading Partners are:  China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, Taiwan, Italy, Switzerland, Netherlands, Brazil, and Ireland and total Top 15 Countries Percent of Total Trade was 74.9 percent.    Although a few countries may have down the percentage but, overall Percent of Total Trade has been up by 75 percent.  However, China is still rank the highest Score for Trading partner with United States of America.  See the comparison between October 2016 and October 2018.

 First Lady Melania Trump at the G20 Summit in Argentina.

The White House

The 2018 G20 Buenos Aires summit, was the thirteenth meeting of Group of Twenty (G20), which was held on November 30th, and December 1st,  2018 in the city of Buenos Aires, Argentina. It was the first G20 summit to be hosted in South America.

President Mauricio Macri of Argentina assumed the one-year G20 presidency on November 30th, 2017, during an official ceremony at the Kirchner Cultural Centre in Buenos Aires. President Xi Jinping of China (2016 G20 host), Chancellor Angela Merkel of Germany (2017 G20 host), and Prime Minister Shinzo Abe of Japan (2019 G20 host) all sent messages of support, which were shown at the ceremony.

The first G20 meetings of the Argentine Presidency began in Bariloche in early December 2017. They were attended by central bank deputy governors and deputy ministers of finance, as well as the sherpas. During the buildup to the G20 Summit between world leaders on  November 30th, 2018, Argentina hosted over 45 meetings at various government levels and areas in 11 different cities throughout the country.

G20 Argentina has put forth three agenda priorities for the G20 dialogue in 2018: the future of work, infrastructure for development and a sustainable food future.

A number of attending countries have said they focus on the regulation of crypto-currencies at this meeting.

Talks between the U.S. and China related to resolving the escalating 2018 China–United States trade war were a central issue of the summit.

On Friday November 30th, 2018, ahead of the formal start of the summit, Presidents Peña Nieto and Trump and Prime Minister Trudeau signed the United States–Mexico–Canada Agreement (USMCA), the successor treaty to the 1994 North American Free Trade Agreement (NAFTA).

Only the peaceful protests were allowed. Federal Security Minister Patricia Bullrich said that "We will not permit illegal acts. Those who want to cross the line will have to face the legal consequences".  22,000 polices and 700 security ministry agents were guard the event, working alongside the security services of the United States, the United Kingdom, Brazil, Italy, Spain and others.

The White House decorated beautiful Christmas Trees for  Christmas Celebration and for the visitors. In the mist of busy schedule, First lady Melania Trump speaks at Marine Corps Reserve Toys for Tots event on Dec 11, 2018. Joint Base Anacostia:  The First lady, Melania Trump gives gifts at Marine Corps Reserve toy drive. Melania Trump at U.S. Marine Corps event. Melania Trump Hosts Toys for Tots. First lady, Melania Trump a 'champ' in US Marine Corps Reserve toy drive. Melania Trump Gives Gifts at Marine Corps Reserve Toy Drive. Live: Melania Trump participates in Toys for Tots Toy drive. #MelaniaTrump#MerryChristmas#FLOTUS#presidenttrump Melania Trump: Latest News & Videos, Photos about Melania Trump First Lady Melania Trump Participates in a Toys for Tots Event.   Best wishes and Happy holidays to all.