Trump, Xi chew over trade war at high-stakes dinner

US China agree to trade war ceasefire

US China agree to trade war ceasefire

In exchange for Trump pausing the planned increase, China agreed to buy a "not yet agreed upon, but very substantial amount" of USA goods from the agricultural, energy and industrial sectors, according to Sanders' statement.

After President Donald Trump's meeting with President Xi Jinping of China in Buenos Aries on December 1, both sides announced a 90-day pause in the trade dispute.

Just a day after Trump threatened to bludgeon China by doubling USA tariffs on $200 billion worth of goods, the White House said a planned increase from 10 percent to 25 percent on January 1 will not happen.

Advocating "fair" and "reciprocal" trade, Trump has called for reducing the US trade deficit with trading partners such as China, Mexico and Japan - the first to third-biggest generators of goods trade deficit with the United States in 2017.

The United States said Saturday 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.

Beijing, too, will hold off on escalating in the meantime with retaliatory action, working instead to purchase what the White House has said will be a "very substantial" amount of United States goods in the agricultural, energy, and industrial sectors.

The biggest headline is that both sides have agreed to temporarily hold off on the implementation of new tariffs. They have also agreed to exchange visits at the appropriate time.

The US and China have been locked in a dispute over their trade imbalance and Beijing's push to challenge US technological dominance.

China "is open to approving the previously unapproved" deal for U.S. company Qualcomm Inc (QCOM.O) to acquire Netherlands-based NXP Semiconductors (NXPI.O) "should it again be presented". Trump had warned that a disappointing outcome could prompt more US tariffs.

Mr. Trump has weathered fierce criticism of his use of tariffs to force China to deal, including from the Business Roundtable. 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".

Netherlands draw Germany in pick of Euro 2020 qualifying groups
Northern Ireland took Ireland's place in Group D , which is undoubtedly the toughest group of the lot. England are in Group A with Czech Republic, Bulgaria, Montenegro and Kosovo.

Earlier, White House top economic adviser Larry Kudlow had claimed that the meeting went "very well". "The two sides made a decision to avoid escalation of trade restrictive measures and will work towards lifting all additionally-imposed tariffs", Xinhua said.

Trump told Xi at the start of their meeting he hoped they would achieve "something great" on trade for both countries.

"At the urging of U.S. Ambassador to China Terry Branstad four weeks ago, I led a delegation of seven members of the United States Congress to Beijing to meet with Chinese leaders, including the Premier, asking that China control all forms of fentanyl as a way of stopping the flow of this unsafe synthetic opioid into the United States both by mail and by smuggling through Mexico and Canada".

"We're encouraged to see Presidents Trump and Xi working together to reduce trade barriers between the United States and China", the Consumer Technology Association, a U.S. trade group that opposes tariffs, told The Wall Street Journal.

"We've been here before", economist Paul Ashworth of Capital Economics noted in a research brief after the Trump-Xi meeting.

At a more than two-hour dinner meeting in Buenos Aires, the USA agreed to temporarily halt escalating trade actions and China agreed to begin opening up its markets to American goods. President Trump expressed his friendship and respect for Chairman Kim.

At the same time, Trump again raised with Xi his concern about the synthetic opioid fentanyl being sent from China to the United States, urging the Chinese leader to place it in a "restricted category" of drugs that would criminalize it.

"I think the worst of it is that the conflict between China and the U.S.is again showing the limits of multilateral institutions, in particular the World Trade Organization", Roberto Bouzas, an global relations and economics professor at the Universidad de San Andres, told VOA.

"The tensions have only been delayed, not resolved, and unless China quickly finds the political will to make a long-term peace via significant concessions on technology issues, this week's expected gains may prove to be temporary", he said.

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