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USA and China declare 90-day trade war truce

03 December, 2018, 04:53 | Author: Lawrence Cooper
  • US China agree to trade war ceasefire

The agreement keeps those tariffs at 10 percent for at least the next 90 days while the countries negotiate further. The leaders agreed to pause the introduction of new tariffs and intensify their trade talks, Chinese Foreign Minister Wang Yi told reporters hours later in Buenos Aires. En route from Buenos Aires on Air Force One, the president told reporters that he would soon notify Congress that he's abandoning the North American Free Trade Agreement.

The White House announced it would hold fire on raising tariffs on $200bn (£156bn) worth of goods from China.

With the United States and China clashing over commerce, financial markets will take their lead from the results of the talks, widely seen as the most important meeting of US and Chinese leaders in years.

The declaration said the multilateral trading system is now falling short of its objectives and there is room for improvement.

He said: "The relationship is very special".

Trump has already imposed tariffs on $250 billion on Chinese products.

Trump said that Xi had also agreed to rank fentanyl trafficking among the most serious crimes in China. The world's two biggest economies have also increasingly been at odds over security in the Asia-Pacific region. Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the US, as a Controlled Substance. The exact amount was "not yet agreed upon, but very substantial", according to the White House.

The White House also says China has agreed to buy more American goods, although it did not specify how much.

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After a much anticipated dinner between the United States and China, both presidents emerged from a "highly successful meeting".

President Trump's breakthrough in trade talks with Chinese President Xi Jinping was cheered Sunday by top business executives who previously criticized the administration's get-tough tariff tactics.

However, the state of the Chinese economy has been putting pressure on Xi, as economic growth has slowed this year, battering its stock market. "China will be getting rid of many of them".

The United States and China will carry forward negotiations over a 90-day period; if that period expires without a satisfactory comprehensive agreement - an all too likely outcome - further escalation will take place. "But now, China is on the verge of becoming a world superpower and challenging the USA position and economy". -China relations pivoted so closely around individual personalities, Aaron Friedberg, a China specialist at Princeton University, said. The European Union is also pushing for sweeping changes to how the WTO operates.

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

"China will be buying massive amounts of product from us", Trump said after the talks.

"There is an urgent need to de-escalate trade tensions, reverse recent tariff increases and modernize the rules-based multilateral trade system", she said. It was the first face-to-face meeting between the two leaders since Trump's China visit in November previous year. "If it happens, it goes down as one of the largest deals ever made".

In a joint declaration, the leaders of G20 nations on Saturday agreed to build consensus for fair and sustainable development through an agenda that is "people-centred, inclusive and forward-looking". The Russian leader had a more productive dialogue in Buenos Aires with Saudi Crown Prince Mohammed bin Salman.



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