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Trump could meet Kim Jong Un in early 2019

03 December, 2018, 00:37 | Author: Sara Gill
  • Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue

China's Vice Commerce Minister Wang Shouwen said that China and the U.S. also decided not to impose new tariffs on other products.

The United States was the only country that attended the G20 summit, a meeting of the world's twenty largest economies, which did not express its support for the Paris Climate Accords in a joint statement issued at the end of the two-day meeting.

The White House said that if agreement on trade issues including technology transfer, intellectual property, non-tariff barriers, cyber theft and agriculture has not been reached with China in 90 days that both parties agree that the 10 per cent tariffs will be raised to 25 per cent.

Sanders said the two leaders had agreed to begin immediate negotiations on "structural changes" on chronic issues of contention, including the practice of forcing U.S. investors to hand over technological knowhow, intellectual property protection and non-tariff barriers to entry for United States businesses.

White House press secretary Sarah Sanders says China's decision to label the drug as a controlled substance means that "people selling Fentanyl to the United States will be subject to China's maximum penalty under the law". China has agree to immediately USA agricultural products again in a trade war truce struck December 1, 2018.

"It's an incredible deal", Trump said.

Speaking to reporters on Air Force One, Trump hailed his agreement with Xi.

Earlier in the day, the G20 leaders agreed to reform the World Trade Organisation, a big win for Trump who has heavily critisised it.

The pauses allows Xi to stave off an escalation of the pressure that higher tariffs would place on his country's slowing economy. "But it is not a ceasefire as some already are touting".

The temporary agreement will give both nations time to iron out their differences.

"It is outrageous that Poisonous Synthetic Heroin Fentanyl comes pouring into the U.S. Postal System from China". Trump had previously planned to raise tariffs on certain Chinese goods to 25 percent on January 1, but revoked this plan as a result of the talks. That increase has now been deferred. However, the FTSE 100, whose listed companies are less exposed to the U.S. and China, dropped 1 per cent on Friday. And while it may have been tacked on to the end of two days of G20 diplomacy, it was in many ways the main event of the weekend. At the start of the dinner, Trump struck an optimistic note.

In their remarks before dinner, Trump and Xi spoke at a table covered in white plates, white tablecloth, and yellow and red flowers.

Mr Trump had earlier said the pair shared a "very special" relationship. He said he looked forward to the dinner and discussion.

Paul Ashworth, chief USA economist at Capital Economics, notes that if talks fail, tariffs would rise on the $200 billion of goods already on the receiving end, and would be imposed on the remaining $250 billion that are, so far, penalty-free. Trump had warned that a disappointing outcome could prompt more US tariffs.

Amid the trade tensions, China has sharply curtailed its purchases of United States soybeans and other produce, dealing a significant blow to farmers, a major support base for Trump.

The White House quoted Xi as saying he is "open to approving" Qualcomm's $44 billion takeover of NXP Semiconductors, which the American company had abandoned in July after failing to secure Chinese regulatory approvals.

The dinner was moved up by about an hour after USA leader's schedule opened up on Saturday. Trump said his predecessor's passing would prevent him from holding a post-summit news conference, "out of respect" for the Bush family.



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