Trump says US-China ties make 'BIG leap forward'

Trump says US-China ties make 'BIG leap forward'

The meal was sumptuous, the wine flowed and the words were reassuring.

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

United States President Donald Trump walked off, waving. Trump and Xi on the sidelines of the Group of 20 summit in Argentina.

Xi's government has offered sweeteners to defrost what has become an economic Cold War.

US President Donald Trump, ahead of a tariffs showdown with China, diverged with G20 partners at summit talks Saturday in refusing to back global action on climate change and by watering down past pledges to fight trade protectionism.

Similar proposals have been on the table since last summer.

Putin emphasized that he remains ready to meet with Trump "when the United States side is ready for this", adding that he didn't believe the USA president may have cancelled the G20 meeting over fears that he face new attacks by his Democratic opponents over allegations of ties to Russian Federation.

The stock market jumped after the news was announced.

"Still, one must presume that as the existing and proposed tariffs are to spur China to address the US' IPR concerns, only action directly related to that would ultimately impact the 301 tariffs", he said. First off, China and the USA have a lot of disagreements, and three months is not a lot of time to solve them - especially since the two countries have been at it for over a year. It then raised tariff rates to 40 percent amid the escalating trade war with the U.S.

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The steps agreed so far seem to be leading trade agreements down the right path. Beijing has also agreed to designate Fentanyl as a controlled substance, which is great news it is reportedly causing an epidemic of opioid-related deaths in the US.

The key part of this newly arranged agreement for the U.S. is the reduction in forced technology transfers to China, and China's willingness to give United States firms more access to their market without restrictions such as 50-50 joint venture arrangements with Chinese firms and heavy subsidies.

A more upbeat assessment was published in the state-owned Global Times, which is run by the People's Daily, the mouthpiece of the Communist Party.

Both Xi and Trump made concessions in Buenos Aires to temporarily deescalate this trade dispute.

But this 90-day deadline is significant, as it really doesn't give Chinese and American leaders much time to reach a breakthrough on complicated issues that have previously left the two sides at an impasse.

While Trump cited the USA trade deficits with foreign nations as a reason for implementing the tariffs, the US trade deficit with China has increased since the tariffs were announced. "China's reform and opening-up's broad perspective recognizes that the rest of the world does things differently", it said in its editorial. "As that picture is getting bigger, we can accept those differences while acknowledging them peacefully, and be more active and open-minded in solving problems through interaction".

China's official statement underlines that no higher tariffs will be imposed on January 1, 2019, but it does not mention the 90-day deadline.

The benchmark Shanghai Composite index rose 2.9 percent and blue-chip shares surged 3.1 percent. "Both sides avoided the worst-case scenario".

But lingering doubts remain about the strength of investor sentiment. The U.S. will postpone until March 1 a plan to raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent, with Washington set to resume talks with Beijing in hopes of a longer-term deal on trade.

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