Xi, Trump agree to continue trade talks, cease new tariffs

Virginia Carson
December 3, 2018

President Donald Trump is hitting pause in the escalating trade war with China after a meeting with President Xi Jinping.

The US also agreed to maintain the 10% tariffs on $200 billionworth of Chinese goods, instead of raising them to 25%, the White House said.

Mike Starkey offloads soybeans from his combine as he harvests his crops in Brownsburg, Indiana, Sept. 21, 2018.

Xi also agreed to designate the drug fentanyl as a controlled substance, the White House said.

"It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product", Trump told a gaggle of reporters. "U.S. also believes that China infringes intellectual property rights (IPR) regularly, forces foreign investors to transfer technology to China, and has yet to open up domestic Chinese markets as it had committed to as a condition to joining WTO in 2001", Narayan said, adding that the USA "now wants to force the issue by using tariffs as a weapon against China and negotiate a better bilateral trade deal".

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

The Chinese government's top diplomat, State Councillor Wang Yi, said the negotiations were conducted in a "friendly and candid atmosphere".

China earlier confirmed the outlines of the arrangement, saying that officials of the world's two largest economies would get to work on resolving a range of trade disputes.

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

BUENOS AIRES-President Donald Trump and Chinese leader Xi Jinping on December 1 held a bilateral dinner meeting at the end of the G20 summit in Argentina.

Before the meeting, the US President was optimistic.

The Trump-Xi meeting was the marquee event of Trump's whirlwind two-day trip to Argentina for the G-20 summit after the president canceled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine.

At the summit, the G20 is also expected to have discussed how to deal with China's so-called debt trap, in which countries receiving massive loans from China end up giving up control of key infrastructure after the debts become unpayable.

The Sino-US trade war sparked warnings at the G20 of the cost to the global economy if it continued unabated.

The meeting was the first face-to-face encounter between the leaders in more than a year, a period that saw Trump impose tariffs on billions of dollars in Chinese imports in a bid to force Beijing to halt trade practices the USA considers unfair.

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Ahead of the G-20, the US planned to increase tariffs on $200 billion in Chinese goods from 10% to 25%, effective January 1.

Meanwhile, China has targeted $110 billion worth of USA imports for tariffs. "The system is now falling short of its objectives and there is room for improvement". At the same time, United States farmers have been hurt by reduced Chinese imports of soybeans and other products. The US has hit $250b of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110b of US products.

"President Trump expressed his friendship and respect for Chairman Kim", it said.

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

Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi. He did not respond to a reporter's question about whether he regrets his past criticism of the 41st president, and his son, George W. Bush, who was the 43rd president.

"We are unsure how serious the USA administration is about the "ceasefire" declaration", ANZ Research said.

"If it happens, it goes down as one of the largest deals ever made", Trump said of the potential deal.

During the meal, Xi also expressed sympathies for the passing of the former president, saying Bush, who also was once the USA envoy to China, had "made many contributions to U.S".

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The White House said that Xi would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again.

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