Published: Mon, December 03, 2018
World News | By Sandy Lane

Trump agrees to pause U.S. trade war with China

Trump agrees to pause U.S. trade war with China

Trump is believed to be trying not only to reduce the huge US trade deficit with China but to sell USA products in the Chinese market without fears of intellectual property and technology theft, the sources said.

"It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product", Trump told a gaggle of reporters.

Trump and Chinese President Xi Jinping brokered a trade deal of sorts over steaks and Argentine wine in Buenos Aires, agreeing to suspend any new tariffs while new negotiations are pursued.

China's refusal to approve the deal upended the global expansion plans of a premier American company and showcased Beijing's ability to make the USA feel financial pain in ways other than tariffs.

The Chinese government's top diplomat, State Councillor Wang Yi, said the negotiations were conducted in a "friendly and candid atmosphere".

Earlier in the day, the G20 leaders agreed to reform the World Trade Organisation, a big win for Trump who has heavily critisised it.

The temporary ceasefire in the U.S.

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In a long-sought concession to the U.S., China agreed to label fentanyl, the deadly synthetic opioid responsible for tens of thousands of American drug deaths annually, as a controlled substance.

China's efforts to tackle the abuse of fentanyl-like substances have won positive comments from across the globe and Beijing has made a decision to list all fentanyl-like substances and their precursors as controlled substances, Wang said.

He adds: "However, out of respect for the Bush Family and former President George H.W. Bush we will wait until after the funeral to have a press conference". "Only with cooperation between us can we serve the interest of both peace and prosperity", he said.

Traveling back to the US from the G-20 summit in Argentina, Trump told reporters he had struck an "incredible deal".

China's decision earlier this year came amid a period of heightening tensions between the US and China over trade and intellectual property issues.

The final text recognized trade as an important engine of global growth but made only a passing reference to "the current trade issues", after the US delegation won a battle to keep any mention of protectionism out of the statement.

The two were expected to meet Saturday amid a period of increased tensions between China and the United States.

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China, which has already slapped tariffs on $110 billion in United States goods, is likely to retaliate, ramping up a conflict that is already rattling financial markets and causing forecasters to downgrade the outlook for global economic growth. Most of those products are subject to a new 10% tariff, and Trump had threatened to raise that to 25% on January 1 if China doesn't open its markets further and stop stealing American technology.

And that is important for President Trump as Chinese tariffs were affecting his power base, the rural heartlands of the Midwest which export commodities like soya beans and sorghum to China.

He suggested that the "incredible relationship" he and Xi had established would be "the very primary reason" they could make progress on trade, though he offered no sense of how they might resolve the main issue dividing their countries.

The declaration said the multilateral trading system is now falling short of its objectives and there is room for improvement.

At the same time, US farmers have been hurt by reduced Chinese imports of soybeans and other products. The US has hit $250b of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110b of US products.

"He was a terrific guy and he'll be missed". "It is my great honour to be working with President Xi". "China agreed to increase imports from the US", Zhang said.

During his return from the G20 summit in Buenos Aires, Trump told reporters that "three sites" were in consideration for the meeting, a follow-up to their summit in Singapore in June.

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China will import more marketable products from the United States in efforts to gradually ease imbalances in two-way trade, said Wang.

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