Truce in Trade War After Trump, Xi Dinner in Argentina

Truce in Trade War After Trump, Xi Dinner in Argentina

Truce in Trade War After Trump, Xi Dinner in Argentina

Donald Trump is to meet China's President Xi Jinping after the G20 summit in their first talks since a trade war erupted earlier this year.

Trump agreed not to boost tariffs on US$200 billion (RM836.9 billion) of Chinese goods to 25 per cent on January 1 as previously announced, while Beijing agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said in a statement.

The United States and China agreed Saturday (Dec 1) in a long-anticipated summit to hold off on new tariffs after Jan 1, Chinese state media said following a months-long trade war. "China has agreed to start purchasing agricultural product from our farmers immediately".

The U.S. and China have agreed to a 90-day truce in a bid to work out their trade differences. President Trump had planned to raise the tariffs on the $200 billion to 25 percent if he couldn't get a deal with Xi. "China will be buying massive amounts of products from us".

Before being ushered out of the room where Donald Trump and Xi Jinping were to dig in to a menu of chewy trade negotiations, the reporters gathered there launched a deafening barrage of questions at the USA president.

Mr Trump also said that if talks were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the U.S. with tariffs of 10-25%.

In other key results from the talks, the US promised to uphold the one-China policy, Wang said, while China threw its support behind further meetings between Trump and North Korean leader Kim Jong Un. The other key attendees for the U.S., according to the White House, were Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin, White House Chief of Staff John Kelly, U.S. Trade Representative Robert Lighthizer, National Security Adviser John Bolton, the president's son-in-law Jared Kushner (who is a senior adviser) and Larry Kudlow, assistant to the president for economic policy.

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The economic heavyweight warned that otherwise global growth could slow. The leaders finished their talks after about 2-1/2 hours and Trump departed for his scheduled flight back to Washington.

Both agreed that "great progress" has been made on North Korea, and that both Trump and Xi would strive, along with North Korean Chairman Kim Jong Un, to "see a nuclear free Korean Peninsula".

China "is open to approving the previously unapproved" deal for U.S. company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".

The U.S. has pressured China to take a tougher stance against the drug, which is 50 times more powerful than heroin.

China's decision earlier this year came amid a period of heightening tensions between the USA and China over trade and intellectual property issues. China will be opening up, China will be getting rid of tariffs.

FILE - Plastic bags of fentanyl are displayed at the U.S. Customs and Border Protection area at the International Mail Facility at O'Hare International Airport in Chicago, Nov. 29, 2017.

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