Trump and Xi agreement buys time in trade war

Trump and Xi agreement buys time in trade war

Trump and Xi agreement buys time in trade war

On Air Force One returning from Buenos Aires, the president also told reporters he would move to cancel NAFTA, the trade agreement with Mexico and Canada. If we could make a deal that would be good.

Earlier that day, Trump signed a revamped three-way trade deal with Canada and Mexico, fulfilling a long-standing pledge, though the agreement could face headwinds in Congress.

Before Trump met his Chinese counterpart, Xi Jinping, the US had been scheduled to increase tariffs on $200 billion of Chinese goods from 10 percent to 25 percent on January 1.

The White House made clear that the 10 percent tariffs would still leap up to 25 percent if China doesn't meet U.S. demands in 90 days.

Trump said in exchange for the pause, China intends "to start purchasing agricultural product immediately" after saying in a late Sunday night tweet that Beijing "agreed to reduce and remove" a 40 percent tariff on us vehicle imports. The White House made it clear that the 10 percent tariffs would still leap up to 25 percent if China doesn't meet United States demands in 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. Trump has also threatened to put tariffs on another $267 billion worth of Chinese imports.

On the non-trade issues, Beijing was more open, announcing that China will tighten supervision of Fentanyl and review rules on the drug. China responded with retaliatory tariffs in the amount of 60 billion dollars. First off, China and the USA have a lot of disagreements, and three months is not a lot of time to solve them - especially since the two countries have been at it for over a year.

Following the meeting, both sides proclaimed the meeting a success, with Trump pledging to pause the introduction of stricter trade measures ahead of further negotiations.

"The relationship is very special", he said.

He said the meeting with Trump was a "representation of our personal friendship". "Farmers, I LOVE YOU!" the USA president tweeted. For decades, Beijing hasn't taken any concrete actions to fulfill its promises.

Shen's attendance at the inauguration ceremony "shows the high level of importance that China attaches to China-Mexico relations", said Chinese foreign ministry spokesman Geng Shuang at a regular press briefing.

Beyond trade, Washington and Beijing find themselves increasingly entangled on hard-to-resolve issues.

President Trump's trade war with China is on hold.

According to experts, agreeing to Washington's demands would undermine the Communist regime's plans to achieve dominance in high-technology industries, as outlined in the economic blueprint "Made in China 2025".

According to Masamichi Adachi, a senior economist at JP Morgan in Japan, "I do not think market consensus is looking for very significant progress, this is a temporary truce". Troubles have deepened further with trade tensions, forcing the Chinese regime to come to the table to end the dispute. That alone, however, won't satisfy Trump's most hawkish advisers on trade, including U.S. Trade Representative Robert Lighthizer and adviser Peter Navarro. -China deal is expected to be positive.

Trump and Xi agreed to call a cease fire in the trade confrontation that involves hundreds of billions in bilateral trade and had roiled world markets for months. The confusion was exacerbated by the absence of a joint statement from the US and China following the dinner.

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