USA and China 'will impose no new tariffs'

USA and China 'will impose no new tariffs'

The breakthrough came after a dinner meeting Saturday between President Donald Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires.

In exchange for putting on hold increased tariffs on Chinese imports worth US$250 billion which were penciled in for January 1, Beijing has promised to buy more United States agricultural goods and products.

The White House said Saturday the two sides would "immediately" begin talks on "structural changes" affecting forced technology transfer, intellectual property protection and cyber theft.

Trump imposed 10 percent tariffs on $200 billion worth of Chinese goods in September.

Trump's opposition defies the global scientific consensus and the findings of his own government, which issued a report last week warning of an enormous hit to the United States economy unless action is taken now. "The president deserves great credit for persuading China to make the selling of fentanyl subject to the maximum penalty under Chinese law".

Putin said it was "a pity" that he had not been able to have a proper meeting with Trump at the G20.

Prior to Trump's meeting with Xi, Stanley Chao, managing director of California-based All in Consulting, which assists Western companies in developing business in Asia, told Newsweek that he believed Trump needed "a win after the midterm elections", suggesting that the president would need to compromise.

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There was no confirmation that the prince might also visit Algeria's neighbour Morocco, despite speculation in the local press. The Saudi prince is unlikely to face protests over the murder like he did in Tunisia, as demonstrations are banned in Algiers.

The White House in turn did not immediately elaborate on any details of the meeting, besides economic adviser Larry Kudlow telling reporters that the dinner went "very well".

The US, which has already slapped tariffs on $250 billion of Chinese products, has also threatened Beijing with an additional $267 billion in levies unless China shows a willingness to close the massive trade deficit. Both companies build cars for the Chinese market at USA plants, which are thus subject to the Chinese tariffs.

"While we hope that talks with China will achieve meaningful results for USA workers, we urge you to not back down for the sake of a weak and meaningless agreement should China fail to make real concessions", the Democrats wrote.

Trump's promise gives Xi political room to negotiate after Beijing said earlier talks were impossible while Washington "holds a knife" of tariff threats to Beijing's throat. China would also buy agricultural products from U.S. farmers immediately.

However, while President Donald Trump has been talking up the truce brokered at the G20 summit as "an incredible deal" and potentially "one of the largest deals ever made", there is every reason to look closely at the fine print-or the lack thereof. The White House's official statement says nothing of the sort; it only says the USA will hold negotiations with China on the latter's "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture". Trump framed canceling NAFTA as a way to force legislators' hands.

They agreed not to impose new additional tariffs, and instructed the economic teams of both sides to step up negotiations toward the removal of all additional tariffs and reach a concrete deal that is mutually beneficial and win-win. The White House released the names of the two delegations, totalling 20 people in addition to the two leaders.

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

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