Xi, Trump reach important consensus, chart course for bilateral ties

G20: BRICS slam protectionism as China-US trade war dominate summit

G20: BRICS slam protectionism as China-US trade war dominate summit

Trump agreed to hold off on his threat to slap 25 per cent tariffs on US$200 billion worth of Chinese goods from Jan 1, leaving them at the current 10 per cent rate. They include forced technology transfer, intellectual property protection and cyber crimes, according to the White House statement.

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.

The announcement comes a day after Trump sat down with Chinese President Xi Jinping at the G20 Summit in Buenos Aires, Argentina for negotiation talks and dinner. It does, however, include some points not included in the USA statements, such as that the two sides agree to boost market access and will work toward scrapping all tariffs.

The outcome gives both sides enough to boast of a win without resolving the fundamental differences between them.

'China is willing to increase imports in accordance with the needs of its domestic market and the people's needs, including marketable products from the United States, to gradually ease the imbalance in two-way trade'.

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

Wang added that both countries will work toward removing all the tariffs that have been introduced and producing a mutually-beneficial agreement.

"If they cancel the extra 25 percent tariff on USA -made cars, then we will see positive signs for imported cars", said director of the China Automobile Dealers Association's import committee, Wang Cun, according to Reuters. While the USA and China have agreed to negotiate, China appears unlikely to fundamentally alter its policies, and it is unclear whether Trump will be satisfied with a deal that falls considerably short of his demands. The tariffs will remain at 10 percent.

"It was a great and productive Meeting with unlimited possibilities both for the United States, as well as for China", Trump quoted in the message of the White house.

But Trump insisted that the United States was continuing to force China to make important concessions. "But the details of that still need to be negotiated", Mnuchin told CNBC.

As part of the deal, China also agreed to start purchasing agricultural products from USA farmers immediately, the White House said.

Gen. Jack Keane said Monday on "The Story" that he's in favor of the truce agreed upon between the US and China, but "it remains to be seen" what results it will yield.

China has agreed to start purchasing agricultural products from our farmers immediately.

Through a translator, Mr. Xi said that "only with cooperation between us can we serve the interest of global peace and prosperity and that is why I look forward to this meeting".

President Trump ended by saying he hopes, in the near future, President Xi and Russian President Putin can get together with him to discuss ending the uncontrollable arms race.

"The relationship is very special", he said.

While Washington touted the immediate increase in Chinese purchases of United States agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.

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