G20 cuts pledges to 'fight protectionism' amid US-China trade war

G20 cuts pledges to 'fight protectionism' amid US-China trade war

G20 cuts pledges to 'fight protectionism' amid US-China trade war

US President Donald Trump and his Chinese counterpart Xi Jinping held a high-stakes dinner yesterday to try to pull the world's top two economies from the brink of a full-fledged trade war.

President Donald Trump took his first step back in his months-long confrontation with China on Saturday, agreeing to cancel a planned January 1 tariff increase on Chinese products in return for purchases of what the White House called a "very substantial" amount of American farm, energy and industrial goods.

The White House called the meeting "highly successful", saying the US will leave existing tariffs on $200 billion of Chinese goods at 10 percent and refrain from raising that rate to 25 percent as planned on January 1. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent". Wang Shouwen, China's vice minister of commerce, said both sides will step up negotiations on eliminating the 10 percent tariff, according to Chinese state media outlet China Daily. "It was the weakest communique we've ever seen from the G20", he told AFP, contrasting the group's posture now in the Trump era to its sense of common objective when the leaders first met 10 years ago in the midst of a financial crisis.

"It is the first time in our country's history that so many world leaders have set foot in Argentina at the same time", said Macri from the Costa Salguero in the northern area of the Argentine capital, where G-20 leaders meet, Xinhua reported.

Before the dinner of grilled sirloin, red onions, goat ricotta and dates, Trump told reporters that "we'll be discussing trade and I think at some point we are going to end up doing something that is great for China and great for the United States". If they can't, the higher USA tariffs will go into effect on the $200 billion in Chinese imports.

"This was an fantastic and productive meeting with unlimited possibilities for both the United States and China", Trump said in a statement issued from Air Force One as he returned to Washington.

The president also has threatened to extend the tariffs to everything that the US imports from China, which would involve an additional $267 billion in goods.

On Air Force One, Trump told reporters he would "absolutely consider it and probably" accept such a measure.

The meeting with Xi comes after a victory for Mr. Trump on trade. But he postponed a press conference, which was scheduled to follow a summit meeting, until after the funeral of former President George H.W. Bush, who died at age 94 on Friday.

China also agreed to label the opioid fentanyl a controlled substance, which the White House called "a wonderful humanitarian gesture".

Beyond the trade deficit that occupies much of Trump's attention, the US has a long list of grievances it wants to address with Beijing in any upcoming negotiations.

But on climate change, the United States once again marked its differences with the rest of the G20 by reiterating in the statement its decision to withdraw from the Paris Agreement and its commitment to using all energy sources.

As per an earlier statement from the White House, the USA leader also said China would now look to buy from the US a "tremendous amount of agricultural and other products", in a bid to address the one way flow of trade.

The U.S. and China also made progress on the regulation of fentanyl, which is 50 times more powerful than heroin.

Many major business leaders in both the United States and China had hoped for some sort of truce or partial deal in what is seen as an escalating trade dispute between the world's two largest economies.

Recommended News

  • Wilder and Fury draw in bout that Englishman clearly dominated

    Wilder and Fury draw in bout that Englishman clearly dominated

    Showed good heart to get back up. "I've come away and I'm on away soil but what most disappointed me was the British judge". Wilder looked like he wanted to attack Fury's body early then went head hunting in the middle rounds without much success.
    NASA chief says Elon Musk won't be smoking joints publicly again

    NASA chief says Elon Musk won't be smoking joints publicly again

    Bridenstine said that a frequent question was whether the culture at NASA and its contractors contributed to those accidents. But he was cheered by the possibility that partnerships with the aerospace industry might make the Moon more accessible.
    ‘Danger to life’ weather warning issued for Sheffield

    ‘Danger to life’ weather warning issued for Sheffield

    Severe rainfall will affect other parts of the United Kingdom , with the storm expected to bring between 60mm and 80mm of rain. Delays to road, rail, air and ferry transport are expected as well as some short term loss of power.
  • Clemson-Notre Dame Cotton Bowl game time set

    Clemson-Notre Dame Cotton Bowl game time set

    They took on the top-ranked Crimson Tide, whose closest game all season was a 22-point victory over Texas A&M in September. After the game, head coach Nick Saban was asked for his opinion on Georgia making the playoff.
    Trump pushes for more auto tariffs

    Trump pushes for more auto tariffs

    For instance, GM plans to add hundreds of workers at its pickup truck assembly plant in Flint, Michigan, Morrissey said. Tim Ryan has been around for almost 20 years, and the Valley continues to lag the rest of the country.
    Liverpool's Andy Robertson speaks his mind about Neymar and PSG's diving antics

    Liverpool's Andy Robertson speaks his mind about Neymar and PSG's diving antics

    Liverpool will go above Napoli on a head-to-head tiebreaker with a win by two clear goals over coach Carlo Ancelotti's team. There were some sleepy performances from the away side players.
  • G20: Trump and Xi to meet amid US-China trade tensions

    G20: Trump and Xi to meet amid US-China trade tensions

    The officials spoke on condition of anonymity because they weren't authorized to speak publicly about the closed-door discussions. Secretary of State Mike Pompeo, however, separately met with Saudi Foreign Minister Adel al-Jubeir, the State Department said.
    Lion Air Flight Recorder Reveals Pilots’ Desperate Efforts To Save Doomed Plane

    Lion Air Flight Recorder Reveals Pilots’ Desperate Efforts To Save Doomed Plane

    On that flight, the pilots shut off the MCAS system and manually stabilized the jet after the system pushed its nose down too far. Each time the flawed system directed the plane downwards, the pilots had to struggle, manually pushing the nose back up again.
    Trump meets Republican leaders on border wall as government shutdown looms

    Trump meets Republican leaders on border wall as government shutdown looms

    Customs and Border Patrol agents with rocks and bottles, explaining that they responded with tear gas only to "stop the attacks". The scene on Sunday left many migrants feeling they had lost whatever possibility they might have had for making asylum cases.
  • Paxton: Mexico Must Take Care of Migrants in Tijuana

    Paxton: Mexico Must Take Care of Migrants in Tijuana

    They fanned out on both sides of the crossing and many slipped through an opening in the border fence or tried to climb over. None of the 42 migrants arrested in Sunday's clash at the US-Mexico border will be criminally charged.
    CONMEBOL Come Down Hard On River Plate After Libertadores Fiasco

    CONMEBOL Come Down Hard On River Plate After Libertadores Fiasco

    Meanwhile, Colombia's Junior Barranquilla will play Brazil's Atletico Paranaense in the final of the Copa Sudamericana. Spain's national statistics institute says there are 72,000 Argentines living legally in the European country.
    Ivanka Trump defends use of private email, brushes aside Mueller probe

    Ivanka Trump defends use of private email, brushes aside Mueller probe

    Ivanka Trump has denied comparisons with Hillary Clinton over her use of a private email account for government business. The president apparently wanted Clinton prosecuted after he took the White House.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.