China Temporary Trade Truce

G20: BRICS slam protectionism as China-US trade war dominate summit

Trump meets Chinese leader at G20 summit amid trade war

The symbolism ahead of the Xi meeting was clear: The Trump administration has looked to find common cause with both nations in countering China's regional hegemony.

"The footwear industry welcomes the news that the US will not pursue any new tariffs on Chinese goods while the two countries seek a negotiated outcome to this protracted trade war", said Matt Priest, president and CEO of the Footwear Distributors & Retailers of America.

The president also touted his personal relationship with Chinese President Xi, suggesting that it would be very productive in the future.

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Wang added that China is willing to expand imports from the United States according to "the needs of the domestic market and the Chinese people" and that both parties are working to remove all tariffs, according to China Daily.

Following more than two hours of dinner talks between the two leaders, the White House said an increase of tariffs from 10 to 25 percent due to kick in on January 1 would now be put on hold, providing room for intense negotiations.

He added that Xi has sought to control the Indo-Pacific region, where the USA previously had significance.

U.S. exports of cars and light trucks to China were worth US$9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.

"China right now has major trade barriers - they're major tariffs - and also major non-tariff barriers, which are brutal".

The United States said Saturday that it agreed in a long-awaited summit with China to suspend new tariffs for 90 days as the two powers seek to end a trade war.

Gen. Jack Keane said Monday on "The Story" that he's in favor of the truce agreed upon between the USA and China, but "it remains to be seen" what results it will yield.

Also, Beijing has neither echoed nor rebutted Trump's claim about China agreeing to "reduce and remove" tariffs on American vehicles. China would also buy agricultural products from United States farmers immediately.

The White House announced it wouldn't raise the 10 percent tariffs to 25 percent, instead giving the two countries 90 days to talk out their problems.

The US trade deficit with China was $335 billion previous year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal. China responded with retaliatory tariffs in the amount of 60 billion dollars.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down "as one of the largest deals ever made".

The agreement so far lacks detail, but allows the USA and China an additional 90 days to negotiate an agreement.

On a political level, the agreement gives Trump some breathing room as his re-election campaign gears up.

Xi and his team were likely pushing hard for an end to the tariffs that some analysts have said are partly responsible for slowing China's economic growth and leading global businesses to consider pulling manufacturing out of the country.

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