Trump Suspends Adding New Tariffs to Chinese Imports

03 December, 2018, 01:47 | Author: Kevin Carter
  • US China agree to trade war ceasefire

Xi and Trump agreed to "have further exchange of visits at an appropriate time", Wang said.

During their two-and-half hour dinner meeting, the two leaders had constructive and positive discussions on the economic and trade issues.

Ahead of the G-20, the US planned to increase tariffs on $200 billion in Chinese goods from 10% to 25%, effective January 1. Also on Wednesday, U.S. Trade Rep. Robert Lighthizer criticized China for imposing 40 percent tariffs on U.S. auto imports, compared to the 15 percent it imposes on auto imports from other country, calling tariffs "egregious". "China's reform and opening-up's broad perspective recognises that the rest of the world does things differently".

Chinese President Xi Jinping (R) meets with his USA counterpart Donald Trump in Buenos Aires, Argentina, Dec. 1, 2018.

Both a Trump adviser and Chinese media said earlier that talks after the G20 summit in Buenos Aires had gone well.

The news is likely to bring cheer Monday to global financial markets, which have been sensitive to the escalating trade battles between China and the United States.

"Facts have proven that China and the US have more common interests than differences, and have greater need for cooperation than friction".

According to an earlier Bloomberg report, most fentanyl found in the U.S.is manufactured in China.

A senior USA official told Reuters that it was the first time that the G20 had recognised that the WTO was "currently falling short of meeting its objectives" and needed reform. "It is my great honour to be working with President Xi".

China's refusal to approve the deal upended the global expansion plans of a premier American company and showcased Beijing's ability to make the US feel financial pain in ways other than tariffs. "It provides direction for China-U.S. relations in the time to come", Wang said.

More news: Oil Price Sustains Gain As Brent Crude Rises To $59.36 Per Barrel

However, tensions still pivoted around the meeting between Trump and Xi over trade. Washington and Beijing have also increasingly been at odds over security in the Asia-Pacific region. For more than a year, Trump has raised concerns about the synthetic opioid being sent from China to the United States, which is facing an epidemic of opioid-related deaths.

The White House said that China would subject fentanyl makers to the "maximum penalty under the law".

The White House said that Xi would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again.

A statement by the White House spokeswoman, Sarah Sanders, issued as Trump was on his way back to Washington, listed concessions the Chinese president was said have made, including stopping Chinese exports to the United States of fentanyl, a synthetic opioid, and the death sentence for convicted traffickers.

Officials expressed relief that agreement on the communique was reached after negotiators worked through the night to overcome differences over language on climate change.

However, the US affirmed its "strong commitment" to economic growth and energy access and security, utilizing all energy sources and technologies, while protecting the environment.

"Trump knew that if he insisted on China giving up the 2025 plan, it would mean the breakdown of Sino-US trade negotiations", Beijing-based consultant Hua said.

But it was the United States and China that dominated the spotlight.

Opioid abuse has been classified as a public health epidemic, taking the lives of more Americans previous year than automobile accidents.

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