Trump agrees to pause USA trade war with China

Argentine president opens G-20 Summit

The White House said it would postpone for 90 days a planned increase of USA tariffs on Chinese goods, while China pledged to take in more U.S. imports.

Thaw in China-U.S. relations?

The statement also noted that China would purchase a "not yet agreed upon, but very substantial" amount of agricultural, energy, industrial and other products.

At Trump's request, China agreed to label fentanyl a controlled substance due to its contribution to the USA opioid crisis.

Trump has already imposed new tariffs on about $250 billion worth of Chinese imports, roughly half of all goods China imports to the USA every year.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

After 90 days, if there's no progress on structural reform, the USA will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement.

The consensus reached at the meeting is of great significance, which not only effectively stopped further escalation of trade tensions, but also opened up new prospects for win-win cooperation between the two countries, said Wang.

The only sure outcome from such a move on Trump's part would be an avalanche of litigation and a messy fight in the courts, Trachtman said, which would only create more uncertainty for businesses with supply chains that snake across worldwide borders. US agreed to postpone the additional tariffs.

That President Xi agreed to designate fentanyl a controlled substance, meaning that Chinese selling the powerful synthetic drug to the United States will be subject to maximum penalties, is also important to President Trump, who has made fighting America's raging opioid epidemic a priority. For the first course, the attendees had a seasonal vegetable salad with a basil mayonnaise dressing, and for dessert, they were served caramel rolled pancakes with crispy chocolate and fresh cream, according to the White House.

President Donald Trump and China's President Xi Jinping lead their respective delegatiosn during their bilateral meeting at the G-20 Summit, Dec. 1, 2018, in Buenos Aires, Argentina. Personal chemistry between President Trump and foreign leaders - in this case China's President Xi Jinping - and Mr Trump's appetite for deal-making matter more than painstaking negotiations at the level of senior officials.




The temporary agreement will give both nations time to iron out their differences.

After the 2-1/2 hour meeting, White House chief economist Larry Kudlow told reporters the talks went "very well", but offered no specifics as he boarded Air Force One headed home to Washington with Trump.

The declaration struck a neutral formula on trade, reading: "We welcome the strong global economic growth while recognizing it has been increasingly less synchronized between countries and some of the key risks, including financial vulnerabilities and geopolitical concerns, have partially materialized".

The United States and China, the world's two largest economies, will see Saturday if they can find a breakthrough to exit a spiraling trade war as their presidents meet at a tense G20 summit. Trump has also threatened to put tariffs on another $267 billion worth of Chinese imports.

Trump slapped 10 per cent tariffs on US$200 billion in Chinese goods in September.

China, in response, had been threatening to impose taxes on an additional 5,000 types of American imports worth about $60 billion.

The two world leaders met last night for a dinner meeting to discuss trade at the sidelines of the Group of 20 leaders' summit.

An EU official said the language now being negotiated for the final statement of the G20 would also support reform of the multilateral trade body needed to improve its function. Trump's determination to plow on with his "America First" agenda stands in contrast to the alliance-building presidency of George H.W. Bush, whose death on Friday triggered warm tributes from European leaders including Merkel and French President Emmanuel Macron at the G20.

"He was a terrific guy and he'll be missed".

Trump has accused China of rampant theft of USA technology and demanded that the emerging power end its requirements that foreign companies team up with local partners. He said he looked forward to the dinner and discussion.

This amounts to a tactical pause, giving both sides time to work out the details, both of how China will in the short-term live up its promise to buy USA goods and, more seriously, how the two sides will resolve the fundamental philosophical differences that continue to divide them on trade.

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