Xi, Trump reach consensus, agree not to impose new additional tariffs

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Xi, Trump reach consensus, agree not to impose new additional tariffs

Chinese state TV says agreement has been reached with the U.S. not to impose any additional trade tariffs after 1 January and talks will go on.

The question now is what occurs in the next 90 days. "China's reform and opening-up's broad perspective recognises that the rest of the world does things differently", it said in its editorial. And Beijing agreed to reconsider a takeover by USA chipmaker Qualcomm that it had previously blocked. At June's Group of 7 meeting in Canada, Trump withdrew US support for the document he had just agreed to, upset about the treatment by his host Justin Trudeau amid bilateral tensions over trade.

The White House then moved to add 10 percent tariffs to an additional $200 billion of China's products, threatening to raise the amount to 25 percent on January 1 if Beijing didn't agree to Trump's demands. If they can't, the higher USA tariffs will go into effect on the $200 billion in Chinese imports.

As far as fundamental concessions are concerned, both Xi and Trump appear to have held fast.

The Chinese agreed to buy a substantial amount to US agriculture, energy and industrial goods, although the amount has not been finalized, according to the White House. China gets a delay on additional tariffs, while the US gets greater purchases of agriculture goods while retaining leverage to push for more structural changes to the economy.

It noted "As we leave Buenos Aires today, we look back on the Argentine Presidency with much appreciation for its significant progress on the core issues spanning the future of work, infrastructure for development, and sustainable food future, with special emphasis on women empowerment and digital economy". On Friday, on the sidelines of the G-20 summit in Argentina, he and his Mexican and Canadian counterparts signed an agreement that, if approved by Congress, would replace the North American Free Trade Agreement.

President Donald Trump announced on Sunday that China will lower or remove tariffs on American-made cars coming into the country. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries.

A White House statement said both sides would immediately begin talks over a wide range of issues, including forced technology transfers, intellectual property protection, non-tariff barriers and cyber intrusions.

MBS spent the G20 "thumbing his nose at the United States" while he laughed with Putin, Boot wrote.

At the dinner, he agreed to designate fentanyl, the deadly synthetic opioid that contributes to America's national crisis, as a controlled substance.

"It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation", the daily said.

Trump's tweet did not give any further detail about the tariff cuts, such as when the deal had been reached or a new level for the Chinese levies.

China's President Xi Jinping, center, and members of his official delegation, listen to President Donald Trump speak during their bilateral meeting at the G20 Summit, Saturday, Dec. 1, 2018 in Buenos Aires, Argentina.

Think your friends would be interested? (The ships reportedly weren't actually provided by the United States.) The world's tyrants are laughing at the United States - and Trump is letting them get away with it. "It is my great honour to be working with President Xi".

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