US, China agreed on a momentary Trade war truce after G20 Summit

Adjust Comment Print

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

Trump said on Twitter Monday that he had negotiated a temporary tariff ceasefire with China and that a permanent deal was forthcoming, but official comments from the White House and from Beijing contradicted, or at least tempered, the president's announcement. "China relations that both sides claim victory", said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush. That left Trump hungry to strike some sort of deal with Xi, people familiar with the matter said.

The United States said Monday it will need to see "something concrete" from China in the next 90 days to build a real agreement on trade, two days after Donald Trump and Xi Jinping called a truce in the escalating confrontation between the two economic powerhouses.

Chief White house economist Larry Kudlow said that the meeting between the two leaders lasted for about 2.5 hours and added that the talks were "very good", but not told any details. In subsequent remarks, President Trump stated that China "will be getting rid of tariffs", possibly referencing removal of some of China's retaliatory tariffs to enable increased purchases of USA products.

If the talks fail, Trump said he'd be happy to maintain tariffs on Chinese imports.

In return, China agreed to buy what the White House called a "not yet agreed upon, but very substantial" amount of US products to help narrow America's gaping trade deficit with China.

Giuliani Gets Mad At Twitter, Doesn't Seem To Understand How It Works
A Twitter spokesman said "the accusation that we're artificially injecting something into a tweet is completely false". Several people noted the former mayor of New York City was, a one time , a top cybersecurity advisor to Trump .

Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.

Trump has threatened to tax imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion, and the European Union had warned that it would retaliate with tariffs on products worth $20 billion if Trump put duties on cars and auto parts from Europe. But any such pact is not a guarantee, given deep divisions that remain between the countries and the administration's insistence that China end its practice of pressuring USA companies to hand over valuable technology and trade secrets. "And it'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers - every type of product".

Trump and Xi said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought to resolve their trade disputes that have seen the flow of hundreds of billions of dollars worth of goods disrupted by tariffs. Trump indicated that China was willing to cut tariffs on cars coming from the US, but China did not respond to the claim and Trump's top economic adviser, Larry Kudlow, said Monday that these were not deals set in stone. And while he said the "history is not great" with China on trade, he was optimistic.

"They don't want to look like they've gone across the Pacific offering concessions to placate Trump, and then a few weeks later escalation resumes", he said.

"I don't think this meeting, or anything else for that matter right now, is moving towards vehicle tariffs", Kudlow said. It wasn't clear whether the preparations meant China would cut the retaliatory tariffs it imposed on those products, or when the purchases would happen.

"My meeting in Argentina with President Xi of China was an extraordinary one". The slew of Trump tweets prompted markets to fall as investors lost faith in a detente between the two nations.