US, China agree not to raise tariffs on Chinese goods

02 December, 2018, 22:15 | Author: Gerard Cortez
  • President Donald Trump smiles alongside President Xi Jinping of China in Buenos Aires on Saturday

Both parties agreed to complete negotiations within 90 days.

Meanwhile Wang Xiaolong, director general of the Foreign Ministry's department of global economic affairs, said negotiations between Chinese and USA officials were making some progress.

"The two presidents agreed that the two sides can and must get bilateral relations right", Wang said, per Reuters. They spoke for around two and a half hours and the discussion ended with Trump agreeing to hold off on raising existing tariffs on $200billion pending new talks.

The United States and China are locked in a dispute over their trade imbalance and Beijing's push to challenge American technological dominance.

It's unclear how the market will react to the news, given last week's massive rally.

President Donald Trump attended a formal dinner with Chinese President Xi Jinping at the G20 summit in Buenos Aires, Argentina on Saturday.

Mr Trump has reaffirmed his commitment not to boost tariffs on $200bn of Chinese goods to 25% on 1 January. The US has hit $250b of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110b of US products.

USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

"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.

"This was a rare opportunity for China because (the mid-terms) made Trump a lame president".

Since the beginning of this year, Washington and Beijing have been engaged in tit-for-tat rounds of punitive tariffs on each other's imports and a compromise is nowhere in sight. "Only with cooperation between us can we serve the interest of both peace and prosperity", he said. Washington and Beijing have also increasingly been at odds over security in the Asia-Pacific region.

China also agreed to reconsider approval of US chipmaker Qualcomm's takeover of Netherlands-based rival NXP - a deal the Chinese government blocked earlier this year ― and to label the synthetic opioid fentanyl a controlled substance, a move the USA has been pushing China to do for years.

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

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

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"This was an unbelievable and productive meeting with unlimited possibilities for both the United States and China", Trump said in a statement released by the White House. "It is my great honor to be working with President Xi", Trump said in the statement.

French leader Emmanuel Macron told reporters that the World Trade Organization, the body that regulates trade disputes, needed to be modernised. The presidents have come to an agreement on stopping the imposition of additional tariffs.

The leaders of the world's largest economic powers on Saturday backed an overhaul of the global body that regulates worldwide trade disputes, but couldn't reach agreement to support the Paris accord on fighting climate change.

China's decision earlier this year came amid a period of heightening tensions between the USA and China over trade and intellectual property issues.

"The relationship that I have with President Xi, I think that's going to be a very primary reason we'll probably ending up getting something good for China and good for the United States, so we very much appreciate it". Trump has also threatened to put tariffs on another $267 billion worth of Chinese imports. Numerous countries have filed litigation at the WTO to contest the levies.

G20 summit delegates said that negotiations on producing a final statement were proceeding more smoothly than at a meeting of Asian leaders two weeks ago that ended without a consensus, but they cautioned that the draft statement still required approval from leaders.

European officials said a reference to refugees and migration - a sensitive issue for Trump's administration - was excised to ensure consensus.

A paragraph in the statement noted: "The United States reiterates its decision to withdraw from the Paris Agreement".

The statement says 19 of the members reiterated their commitment to the Paris climate accord but the United States reiterates its decision to withdraw.

"The G20 veered all over the road" at the summit and the leaders failed to fix trade, which is widely seen as a priority for boosting growth in jobs and economies, said Thomas Bernes, a distinguished fellow at the Centre for International Governance Innovation who has held leading roles with the International Monetary Fund, the World Bank and Canada's government. For example, the Trump administration's concerns about China's alleged theft of USA intellectual property remain in place and Beijing's broader push for indigenous advances in its hi-tech sector under the aegis of the "Made in China 2025" initiative have yet to be addressed.

Trump-Xi Dinner Offers Chance to Avert Deeper U.S.

Strains over climate change marked the end of the G20 summit in Argentina Saturday as the United States celebrated what it called a victory for its holdout stance.

The Kingdom played a full role in the Buenos Aires summit, with Crown Prince Mohammed bin Salman meeting world leaders of the UK, China, Indonesia and South Africa, among others.

Perhaps not since President Richard Nixon met Chinese leader Mao Zedong in 1972 have U.S.


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