Wednesday, 12 December, 2018

Global Geopolitical Series: Trump-Xi consensus reached on trade but statements differ

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days US and China 'will impose no new tariffs'
Jodi Jackson | 04 December, 2018, 00:37

This isn't a kind of cash-for-products deal.

While the Trump administration emphasized trade issues such as a 90-day moratorium on raising tariffs and Xi's concession to buy "very substantial" amounts of US goods, China focused on diplomacy, regional issues and an agreement to try to quickly resolve their differences.

People stand by an electronic stock board of a securities firm in Tokyo, Monday, Dec. 3, 2018.

U.S. President Donald Trump predicted Monday "very good things will happen" in a U.S.

The truce boosted global markets on Monday with world stocks up almost 1 percent.

According to Wang, the two presidents "reached important common understandings and the meeting certainly has charted the course for China-U.S. relations in the some time to come". China's decision came amid a period of heightening tensions between the US and China over trade and intellectual property issues. "China's reform and opening-up's broad perspective recognises that the rest of the world does things differently", it said in a Monday editorial.

Fentanyl overdoses are "still increasing and show few signs of falling down, so whatever we can do on that front to really stem the supply, nearly all of which is from illicit manufacturing, should be helpful and impactful", Haffajee says.

"Farmers will be a a very BIG and FAST beneficiary of our deal with China". The fact that China made no mention of agriculture in its statement after the meeting may also increase trader concerns over whether these purchases will materialize. "China will be buying massive amounts of products from us".

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.

According to a tweet from President Trump over the weekend, the Chinese side had also agreed to "reduce and remove" tariffs on American cars from 40% now".

"The consensus reached by the leaders of our two countries is to halt the imposition of new tariffs and at the same time the two sides' leaders instructed the economics teams of both sides to intensify talks towards the removal of all tariffs that have been imposed", Geng told a daily news briefing.

For one thing, he says, it's not clear how much fentanyl in the USA actually comes from China, and through which means.

Trump, at his political rallies and news conferences, often praises the increase in US military spending during his almost two years in the White House.

"I am certain that, at some time in the future, President Xi and I, together with President Putin of Russian Federation, will start talking about a meaningful halt to what has become a major and uncontrollable Arms Race".

Tensions rose in May when the U.S. administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months.

Chinese President Xi Jinping and his USA counterpart Donald Trump held a "highly successful meeting" here Saturday, reaching important consensus and agreeing not to impose new additional tariffs. Although tariffs of 25% on $50 billion goods and 10% on $200 billion will remain in place, the ceasefire should reduce the negative effects of the trade war.

United States president on Saturday agreed to not raise the tariff rate on goods imported from China, the White House announced. "It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

Trump and Xi will "immediately" begin talks on "structural changes" affecting forced technology transfer, intellectual property protection and cyber theft, it added. But it later added a 25 percent tariff on US-made cars as trade tensions soared, bringing them to 40 percent.

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