Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue

Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue

Xi and Trump agreed to "have further exchange of visits at an appropriate time", Wang said. "Discussion on economic and trade issues was very positive and constructive".

The White House statements confirmed Chinese media reports that said no additional tariffs would be imposed after January 1, and that negotiations between the two sides would continue.

President Trump and China's President Xi Jinping agreed Saturday to a 90-day halt on new tariffs, hailed as a ceasefire in the countries' trade war.

On Air Force One, Trump told reporters he would "absolutely consider it and probably" accept such a measure.

Duties of 10 per cent now on most of those goods are set to rise on January 1 to a whopping 25 per cent if a deal isn't reached.

The White House announced it would hold fire on raising tariffs on $200bn (£156bn) worth of goods from China.

Chinese Foreign Minister Wang Yi said afterward in a statement that, as part of the agreement, China will tighten supervision of fentanyl and revise rules on the drug, while enhancing law enforcement work with the U.S.

The Business Roundtable, a group of chief executive officers from America's major corporations, said it was "very encouraged" by the outcome of the talks Saturday in Buenos Aires.

So far, the USA has imposed tariffs on $250 billion worth of Chinese imports.

"Some Chinese speculate about what compromise the United State can make in the future because China promised a lot and Trump just promised to not raise US tariffs", he added. The world's two biggest economies have also increasingly been at odds over security in the Asia-Pacific region. The exact amount was "not yet agreed upon, but very substantial", according to the White House.

Deutsche Bank headquarters raided in money laundering probe going into 2018
Deutsche Bank employees had devised strategies to get around the sanctions and carry out transactions worth roughly $10.9 billion. At the time, Deutsche Bank severed ties with a Cypriot lender partly owned by VTB Group that was identified in the reporting.

Wang said the two sides also agreed to open market to each other and China will, in the process of its further opening-up, work to gradually resolve the legitimate United States concerns.

After a much anticipated dinner between the United States and China, both presidents emerged from a "highly successful meeting".

President Donald Trump and the leaders of Canada and Mexico signed the U.S. -Mexico-Canada Agreement - a replacement to NAFTA - Friday at the G-20 summit in Argentina.

Earlier on Saturday, the leaders of all the world's top economies called for reforms to the crisis-stricken World Trade Organization in a final statement from their summit. The presidents have come to an agreement on stopping the imposition of additional tariffs. "China will be getting rid of many of them". Democrats favor provisions of the USMCA that encourage automakers to shift production back to the United States.

It noted also that China did not mention United States calls for deep structural changes in its economic policies. China responded with its own tariffs. The European Union is also pushing for sweeping changes to how the WTO operates. Not long before the Trump-Xi dinner, the annual summit concluded in the Argentine capital with a watered-down statement.

On climate change, however, the United States remained the lone holdout, with 19 other leaders pledging to implement the Paris accord to fight global warming.

International Monetary Fund (IMF) Managing Director Christine Lagarde said high levels of debt accumulated by emerging market nations was a pressing concern. "It was the weakest communique we've ever seen from the G20", he told AFP, contrasting the group's posture now in the Trump era to its sense of common goal when the leaders first met 10 years ago in the midst of a financial crisis.

USA officials have warned about China's increasing influence across swaths of the developing world, including Latin America.

What they agree on - or don't - will likely move markets up or down, determine whether the world economy gets some relief from destabilizing trade tensions and cast judgment on the wisdom of the American leader's hard-nosed trade tactics.

The presence of Saudi Crown Prince, Mohammed bin Salman amid controversy over the killing of journalist, Jamal Khashoggi raised an awkward dilemma for leaders.

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