Trump agrees to pause USA trade war with China

Trump agrees to pause USA trade war with China

US President Donald Trump and his Chinese counterpart Xi Jinping held a high-stakes dinner yesterday to try to pull the world's top two economies from the brink of a full-fledged trade war.

"The hard part is finding the basis for a real deal that settles the broader issues rather than agreeing on a pause", Setser said. G20 summit host Argentina is expected to sign a series of deals with China on Sunday during a one-day state visit by Xi.

Under the agreement, Trump will hold off on his vow to increase USA tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on January 1. Once again highlighting the "very special" relationship between the leaders, Trump expressed hope that they can reach an understanding that "will be good" for both nations.

The Chinese agreed to buy a "not yet agreed upon, but very substantial amount of agricultural, energy, industrial" and other products from the United States to reduce America's huge trade deficit with China, the White House said. Trade Representative's press release and report on the Section 301 tariffs on IP.WTO dispute list.Campaign speech by Donald Trump from June 2016 detailing much of what has become his worldwide economic policyU.S. tariff lists: On $34 billion in imports (final) On $16 billion in imports (final) On $200 billion in imports (initial) Translation of all China's tariff lists (with links to the original Chinese ones) China's white paper making its case on trade. Russian Federation and Saudi Arabia are the world's two leading exporters of crude, and Putin said they had agreed to extend a pact on oil production cuts, as prices slump on global markets.

Critically, that includes the previously slated January 1 increase from 10 to 25 per cent on some US$200 billion in Chinese goods.

Trump has imposed import taxes on $250 billion in Chinese products. China will be opening up.

"Meanwhile, the U.S. side will actively address China's concerns on economic and trade issues", wrote Xinhua.

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. Most important among them, and perhaps the most intractable, is the US argument that Beijing has deployed predatory tactics in a headlong drive to overtake America's global supremacy in high technology.

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"China's response today to President Trump is precisely the action our Congressional delegation asked for, and I am grateful to the Chinese leaders for listening to us and taking this action", said the senator.

After the meeting, Kudlow said the talks went "very well".

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. "We also note current trade issues".

Beyond trade, Washington and Beijing find themselves increasingly entangled on hard-to-resolve issues. The United States instead reiterated Trump's decision to withdraw from the accord.

According to experts, agreeing to Washington's demands would undermine the Communist regime's plans to achieve dominance in high-technology industries, as outlined in the economic blueprint "Made in China 2025".

However, the USA affirmed its "strong commitment" to economic growth and energy access and security, utilizing all energy sources and technologies, while protecting the environment. Troubles have deepened further with trade tensions, forcing the Chinese regime to come to the table to end the dispute. Much of it comes from China. Facing criticism that he'd gone soft on China, Trump backed away from Mnuchin's deal and chose to proceed with tariffs.

"China's trade and investment practices have prevented US companies from competing on a level playing field and hurt USA workers". He said lawmakers can choose between the replacement, the United States-Mexico-Canada Agreement, or nothing. "China will be buying massive amounts of products from us".

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