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The meeting between U.S. President Donald Trump and China's President Xi Jinping at the G-20 summit in Buenos Aires this week is being viewed as a make-or-break moment for the world economy and financial markets.The main risk to the U.S. economy comes not from Chinese retaliation against farmers or U.S. multinationals, which may or may not happen, but from the Keynesian tariff effect.Finally, the fact that Xi cannot afford to lose this early phase of the U.S.-China conflict does not mean that Trump must be seen to lose it.In fact, China has already agreed that it could meet roughly 40 percent of the 142 trade demands presented by the U.S. earlier this year, and could negotiate a further 40 percent. But does Trump really care about what may happen after 2050? Assuming he cares more about what happens in 2020, when he must face American voters again, his confrontation with China will end before too long.
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