Wednesday, 12 December, 2018

Trump, Xi chew over trade war at high-stakes dinner

США и Китай G20: BRICS slam protectionism as China-US trade war dominate summit
Jodi Jackson | 06 December, 2018, 05:03

US President Donald Trump said on Monday that China had agreed to cut tariffs on US cars imported into China.

"We are dealing from great strength, but China likewise has much to gain if and when a deal is completed", Trump wrote. Trump's administration will postpone another tariff increase scheduled for January 1, 2019, Reuters reports, while Chinese president Xi Jinping has agreed to once again source farm and energy products from the United States.

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated.

Late Sunday, Trump tweeted that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40 percent".

"The good news is that this truce should be seen as Washington recognizing the potential damage on the U.S. economy if tariffs escalate further", said Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management.

China responded by imposing its own tariffs.

The United States and China have agreed to temporarily hold off on new tariffs for 90 days while the two nations try to negotiate a new trade deal.

With the United States and China clashing over commerce, financial markets will take their lead from the results of the talks, widely seen as the most important meeting of U.S. and Chinese leaders in years. It then raised tariff rates to 40 percent amid the escalating trade war with the U.S. "China has agreed to start purchasing agricultural product from [American] farmers immediately".

China's factory activity grew slightly in November, a private survey showed on Monday, though new export orders extended their decline in a further blow to the sector already hurt by the Sino-U.S. trade frictions.

After the 2-1/2 hour meeting, White House chief economist Larry Kudlow told reporters the talks went 'very well, ' but offered no specifics as he boarded Air Force One headed home to Washington with Trump. "Farmers, I LOVE YOU!" he said.

Left out of Chinese media statements is the US claim that a tariff deal is conditioned on the two countries resolving key issues within 90 days.

This is stated in a White house statement following the meeting, the President of the United States of Donald trump and Chinese President XI Jinping.

Even the 90-day deadline set by the Trump administration was nowhere to be found in Chinese media coverage.

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. Prior to dinner, Trump said he will urge Xi to address the "tremendous fentanyl problem" and "criminalize it in China" so that it does not get to the American market.

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