The Trump trade war will drift into 2019

02 December, 2018, 22:13 | Author: Frank Williams
  • Argentine president opens G-20 Summit

The world's two largest economies have agreed to a small truce in their escalating trade war after a meeting between presidents Donald Trump and Xi Jinping following the G-20 summit.

The United States (US) said on Saturday, December 1, that it agreed in a long-awaited summit with China to suspend new tariffs for 90 days as the two powers seek to end a trade war.

Trump has been demanding China to drastically reduce the Dollars 375 billion trade deficit and ensure IPR production for United States technology and services. They'll also aim to sort out more fundamental and long-standing problems such as cybertheft, intellectual property protection, and forced technology transfer.

The statement said that the countries agreed to implement this transaction within the next 90 days.

"This was an fantastic and productive meeting with unlimited possibilities for both the United States and China".

Many market watchers say President Trump and Chinese President Xi Jinping will try to make progress toward a trade deal as businesses and investors fear a mounting series of tariffs could damage the global economy.

"It's an incredible deal", Trump told reporters aboard Air Force One, on his way back to Washington. At the same time, U.S. farmers have been hurt by reduced Chinese imports of soybeans and other products.

Trump-Xi Dinner Offers Chance to Avert Deeper U.S. Trump said earlier that they are ready to slap additional tariffs on Chinese goods worth $267 billion.

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".

But Trump is also under mounting pressure at home in an investigation over whether his presidential campaign colluded with Russian Federation - a topic sure to dominate his press conference shortly before he sits down with Xi.

While Mr Xi agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said.

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He said: "Xi is a coldblooded calculator of China's - and his own - interests".

President Donald Trump agreed to temporarily hold his next round of fire in the US trade war with China in order to give Washington and Beijing more time to talk, the White House announced Saturday.

"There were moments when we thought all was lost", one European official said, "moments when we spent two hours on one sentence".

The declaration thanked Argentina for hosting the G20, and the leaders said they look forward to the next scheduled meetings, in Japan next year and Saudi Arabia in 2020.

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

The final text recognized trade as an important engine of global growth but made only a passing reference to "the current trade issues", after the USA delegation won a battle to keep any mention of protectionism out of the statement.

British Prime Minister Theresa May lauded the late Bush as "a great statesman and a true friend of our country", words that few observers in Britain would apply to Trump.

The announcement was made by White House spokeswoman Sarah Sanders on Saturday as the summit closed.

"That G20 leaders signed up to the Paris Agreement reaffirmed their commitment to its full implementation in the resulting communique is important", the World Wildlife Fund said.

President Donald Trump is cancelling a planned news conference at the Group of 20 summit in Argentina Saturday, "out of respect for the Bush Family" after death of former President George H.W. Bush.



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