Trump to meet with Chinese President Xi at G-20

Trump to meet with Chinese President Xi at G-20

U.S. president on Saturday agreed to not raise the tariff rate on goods imported from China, the White House announced.

The G20 Leaders' declaration issued Saturday was heavily influenced by both US policy as President Trump sees it, and by the trade war between the two nations, which affects all the other economic powerhouses at the summit.

If the latest effort encounters the same roadblocks, Trump said he will proceed with his previous plan to raise tariffs on $200 billion in Chinese products to 25 percent from 10 percent, which was to have taken effect on January 1.

The Trump administration had threatened to more than double the tariffs it has already slapped on $250 billion worth of Chinese imports, while Xi's government has put targeted tariffs on $110 billion in US goods.

It added that in return China agreed to buy a "very substantial" amount of agricultural, energy, industrial and other products.

However, within the truce is contained an ultimatum with the White House making it clear that the tariffs would still go up if China doesn't meet U.S. demands in 90 days. 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.

The usually abrasive ruling Communist Party run Chinese tabloid, Global Times said "the progress made at the talks in Buenos Aires is of momentous significance since the Sino-US trade friction escalates this year".

The White House said that Xi would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again. Trump has also threatened to add tariffs on another $267 billion of Chinese imports.

During their two-and-half hour dinner meeting, the two leaders had constructive and positive discussions on the economic and trade issues.

Investors have been holding their breath about the meeting between Trump and Xi as any consensus over trade can bring some relief to global markets.

"Unfortunately, U.S. beef faces a massive 38.5 percent tariff in Japan - a trade barrier that hurts America's beef producers", said Kevin Kester, president of the National Cattlemen's Beef Association, the marketing organization and trade association for 1 million cattle farmers and ranchers in the United States. Trudeau asked Mr. Trump to lower the newly imposed steel and aluminum tariffs.

Prior to Trump's meeting with Xi, Stanley Chao, managing director of California-based All in Consulting, which assists Western companies in developing business in Asia, told Newsweek that he believed Trump needed "a win after the midterm elections", suggesting that the president would need to compromise.

"This was an incredible and productive meeting with unlimited possibilities for both the United States and China. -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 the deal was done at the leaders' level also underscores a particular phenomenon of the Trump presidency.

"President Trump expressed his friendship and respect for Chairman Kim", it said.

US president Donald Trump has scrapped plans to increase tariffs on Chinese goods, in an announcement that sees the year-long US-China trade war cool considerably. Both sides have raised tariffs on billions of dollars of each country's goods.

"It is my great honor to be working with President Xi", Trump said. Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the USA, as a Controlled Substance.

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

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