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.

More news: Van Bommel: We will go for the win against Barcelona

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 Inc.to 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.

Recommended:



Popular

Canada signs onto new NAFTA trade deal on sidelines of G20 summit
Despite the symbolism of Friday's signing, Trump has no meetings with Trudeau scheduled while the two are in Argentina. But although the agreement has been signed it must be ratified by the legislative bodies of all three countries.

Nick Jonas and Priyanka Chopra look loved-up at puja ceremony
The soon-to-be married pair took one step closer toward their nuptials on Wednesday when they stepped out for their puja ceremony. Sophie Turner and Joe Jonas were in attendance, and they also chose traditional Indian ensembles.

Canada imposes sanctions on 17 Saudis over killing of journalist Khashoggi
It was unclear whether the French president was calling for an worldwide investigation beyond existing Turkish and Saudi probes.

Surely Erik Lamela will miss out from Tottenham XI against Arsenal
Playing games every three days is so tough - so tough for us, and for our players it's so, so hard . He also defended starting the game with both Son Heung-min and the goalscorer Eriksen on the bench.

Roma vs. Real Madrid live stream
The 1-1 draw in Moscow meant both sides were assured of progress, with the game enjoying a high-tempo start as a result. The Madrid boss, really annoyed with what the player said to him, had planned to leave him in Madrid as a 'punishment'.

Republican Cindy Hyde-Smith wins US Senate race in Mississippi
The runoff was rocked by a video showing her praise a supporter by saying she'd attend a "public hanging" if he invited her. He says this wasn't the result he and his supporters were hoping for but adds: "I'm very proud of this historic campaign".

100% Containment Reached on Camp Fire
On Wednesday, the same system is expected to deliver a half inch to 2 inches to the Woolsey fire area in Southern California . The Camp Fire has scorched almost 62,000 hectares of land and destroyed more than 13,600 homes since it broke out November 8.

Melania Trump’s red Christmas trees evoke more horror than holidays
Ornaments adorning garlands in the Red Room feature Melania Trump's "Be Best" anti-bullying campaign logo. The East Room featured mantel pieces trimmed with silhouetted skylines of New York, St.

Tito Ortiz Believes Manager Should've Prevented Chuck Liddell From MMA Return
Had he proved victorious on Saturday night, Liddell had shown interest in a fight with current pound-for-pound great Jon Jones . CBS Sports was with you throughout the fight card with updates, commentary and analysis with our live blog below.

North Carolina brings back Mack Brown as football coach
Miles and Brown left retirement from the world of college football coaching to rejoin the Power Five ranks in the past two weeks. But after just five wins in the last two seasons, Cunningham moved quickly to "take the football program in a new direction".