The United States and China have agreed to a 90-day ceasefire in a bitter trade dispute after a highstakes negotiations dinner meeting on Saturday between Presidents Donald  Trump and Xi Jinping during the last day of the G20 summit in Buenos Aires, Argentina.

 

The parties also agreed to hold off on escalated tariffs on $200 billion worth of Chinese goods which had been scheduled to rise to 25% on January 1, 2019.  Instead, the tariffs will remain at 10% “at this time” according to a statement from the White House.

President Trump with Chinese President Xi Jinping and their delegation during a bilateral dinner meeting at the G20 in Buenos Aires, Argentina on Saturday, December 1, 2018. Credit: AP

The bitter trade war between the globe’s two leading economic powers is threatening global economic growth and had rattled global financial markets.

The 3-month truce was reached after a two-hour long dinner meeting between the two leaders and their trade teams keen on ironing out differences particularly over Beijing’s aggressive trade practices against the U.S. in its bid to supplant it of its global economic dominance.

President Trump at a bilateral dinner meeting with China during G20 summit in Buenos Aires, Argentina on Saturday, December 01, 2018. Credit: AP
Chinese President Xi Jinping (C) and his delegation during a bilateral dinner meeting with President Trump at the G20 in Buenos Aires, Argentina on Saturday, December 01, 2018. Credit: AP

“It’s an incredible deal.  What I’ll be doing is holding back on tariffs” President Trump told reporters aboard Air Force One enroute to the U.S.

“China will be opening up; China will be getting rid of tariffs.  China will be buying massive amounts of products,” he added, satisfied with the negotiated outcome.

The U.S. and Chinese delegation during a high stakes bilateral dinner meeting at the G20 in Buenos Aires, Argentina on Saturday, December 01, 2018. Credit: AP

The White House also noted that, “China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial and other product from the United States” to reduce the huge trade deficit between the two countries.

“China has agreed to start to purchasing agricultural products from our farmers immediately,” it added.

Without giving up any major concessions, Trump who has made the opioid crisis a major focus of his and blaming China for flooding the U.S. with deadly synthetic drugs that have contributed to tens of thousands of American deaths, sought and got concession from the Chinese to label fentanyl as a controlled substance.

U.S. and Chinese delegations during a high-stakes bilateral dinner meeting at the G20 in Buenos Aires, Argentina on Saturday, December 01, 2018. Credit: AP

The outcome is seen as great victory for President Trump whose unflinching tough stance and uncompromising negotiation tactics netted great concessions from Beijing.

Another concession involves Chinese agreement to reconsider a takeover by U.S. chipmaker Qualcomm of Dutch semiconductor manufacturer NXP, a deal previously nixed by Beijing after citing antitrust concerns.  Both the U.S. and E.U. regulators had approved of the deal.

A Qualcomm motherboard on display at a trade show in February. Credit: Bloomberg

The blockade of the China earlier this year came at a time of heightened tensions between the Washington and Beijing over intellectual theft concerns and trade-related issues.

News of the trade dispute truce sent markets soaring after the two sides chose engagement over heightened rhetoric and confrontation of the past few months, a positive sign for the bilateral conversations between the two global economic giants.

U.S. and Chinese delegations during a high-stakes bilateral dinner meeting at the G20 on Saturday in Buenos Aires, Argentina on December 1, 2018. Credit: Reuters
U.S. and Chinese delegation during a bilateral dinner meeting on Saturday at the G20 in Buenos Aires, Argentina – December 1, 2018. Credit: AFP/Getty Images

The agreement reached in Buenos Aires also gives the two countries 90-days to resolve their differences over China’s draconian and predatory tech policies  failure of which see the reinstatement of the 25% tariff increase on $200 billion Chinese imports will go into effect.

China and the United States are embroiled in a trade dispute over perceived trade imbalances between the two countries including concerns over Chinese theft of intellectual property, predatory tech policies particularly the practice of forcing U.S. firms to hand over tech secrets in exchange for gaining access to Chinese markets.

 

 

 

An AP original publication.  Edited by Manyika Review Copyright © 2018.

 

Facebook Comments

Comments

  1. Pingback: chloroquine 2020
  2. Pingback: droga5.net
  3. Pingback: buy Cialis 40 mg
  4. Pingback: buy Cialis 40mg
  5. Pingback: buy propecia 5mg
  6. Pingback: cialistodo.com
  7. Pingback: cheap atarax 10 mg
  8. Pingback: avapro 150mg uk
  9. Pingback: catapres otc
  10. Pingback: ceclor nz
  11. Pingback: ceftin 250 mg uk
  12. Pingback: celebrex tablets
  13. Pingback: cost of cipro
  14. Pingback: claritin 10mg otc
  15. Pingback: free slots online
  16. Pingback: real casino
  17. Pingback: play casino online
  18. Pingback: slot machine
  19. Pingback: real casino online
  20. Pingback: online casino
  21. Pingback: casino real money
  22. Pingback: car insurance usaa
  23. Pingback: aarp car insurance
  24. Pingback: quick loans
  25. Pingback: cbd oil in ohio
  26. Pingback: cbd oil
  27. Pingback: paper writer
  28. Pingback: paper back writer
  29. Pingback: clonidine nz
  30. Pingback: cost of clozaril
  31. Pingback: colchicine price
  32. Pingback: coreg tablets
  33. Pingback: depakote generic
  34. Pingback: cheapest diamox
  35. Pingback: cheapest dramamine
  36. Pingback: flomax online
  37. Pingback: order geodon 20 mg
  38. Pingback: imodium generic
  39. Pingback: company website
  40. Pingback: imuran tablets
  41. Pingback: lopid 300 mg cost
  42. Pingback: where to buy luvox
  43. Pingback: cheap macrobid
  44. Pingback: mestinon purchase
  45. Pingback: mobic generic
  46. Pingback: prilosec coupon
  47. Pingback: procardia coupon
  48. Pingback: pyridium 200mg uk
  49. Pingback: revatio 20mg cheap
  50. Pingback: robaxin 500 mg nz
  51. Pingback: toprol 50 mg price
  52. Pingback: valtrex 500mg nz
  53. Pingback: verapamil purchase
  54. Pingback: zanaflex purchase
  55. Pingback: useful site
  56. Pingback: cheap zocor 40 mg
  57. Pingback: zyvox canada
  58. Pingback: tadalafil online
  59. Pingback: furosemide nz
  60. Pingback: meclizine price
  61. Pingback: cost of donepezil
  62. Pingback: irbesartan nz
  63. Pingback: cefuroxime generic
  64. Pingback: cost of carvedilol
  65. Pingback: warfarin cheap
  66. Pingback: rosuvastatin price
  67. Pingback: divalproex generic
  68. Pingback: cost of bisacodyl
  69. Pingback: tamsulosin coupon
  70. Pingback: loperamide cost
  71. Pingback: order azathioprine
  72. Pingback: ventolin 4mg
  73. Pingback: deltasone 20
  74. Pingback: stromectol 400
  75. Pingback: stromectol dose
  76. Pingback: clomid 100mg pills
  77. Pingback: viagra 100 cost

Comments are closed.