Trump, China's Xi poised for high-stakes summit over trade war
- Author: Wendy Palmer Dec 06, 2018,
Dec 06, 2018, 0:30
But the White House also said the existing 10 percent tariffs on $200 billion worth of Chinese goods would be lifted to 25 percent if no deal was reached within 90 days, once again setting the clock ticking.
"China has agreed to reduce and remove tariffs on cars coming into China from the US".
Beyond the staying of further tariff implementation, the second most important outcome of the G20 encounter is that we're now entering another period of protracted uncertainty.
At the dinner, he agreed to designate fentanyl, the deadly synthetic opioid that contributes to America's national crisis, as a controlled substance. The decision was announced shortly after the United States and China negotiated a 90-day cease-fire in the trade war opposing the two giants. It also shows that Trump continues to be fixed on the so-called "trade deficit"-which has increased since his Chinese tariffs were imposed in July and sits at a record $300 billion over the first nine months of the year".
One expert said China would have to address United States complaints about China's forced transfer of intellectual property rights - a major issue at the core of a USA "301" trade investigation - for Washington to drop its tariffs.
If the two sides can not reach agreement over these matters within the next 90 days, the USA will raise tariffs.
Beijing and Washington now have 90 days to make progress in talks over the main issues, which include United States complaints that China forces American companies to hand over technology and steals their intellectual property through hacking.
A White House statement said both sides would immediately begin talks over a wide range of issues, including forced technology transfers, intellectual property protection, non-tariff barriers and cyber intrusions.
While he praised the meeting as "highly successful" and a "great honor" to be working with Xi, Trump would only say that tariff increases are on hold for now.
After the meeting between Trump and Xi however, the White House said the deal could be back on.
By agreeing to a 90-day ceasefire and freezing new White House-planned tariffs to allow for a series of talks to take place on a range of key issues, the early foundations of a deal have been laid.
China and the United States now have 90 days to come to a wider trade agreement. We make the finest and cleanest product in the World, and that is what China wants.
However, concerns remain over the differences between the official statements released by the two countries.
"Leaders of both nations reached consensus to stop adding new tariffs on each other".
My meeting in Argentina with President Xi of China was an extraordinary one.
"I believe Trump took advice from his advisers because the Republican Party did not perform very well during the USA midterm elections in the agriculture-dependent states".
Xi and leaders from the BRICS group of leading emerging economies - Brazil, Russia, India, China and South Africa - called in a statement on Friday for open global trade and a strengthening of the World Trade Organization (WTO).
Beijing will no doubt attempt to make good on its pledge to increase purchases of US goods, turning probably to soybeans and potentially energy.