Trump, Xi agree to temporary truce on trade

Trump, Xi agree to temporary truce on trade

Trump, Xi agree to temporary truce on trade

Following more than two hours of dinner talks between leaders of the world's two biggest economies, the White House said an increase of tariffs from 10 to 25 percent, due to kick in on 1 January, would now be put on hold.

President Trump heralded the meeting as "amazing and productive", saying it brought about "unlimited possibilities for both the United States and China".

While Mr Xi agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said.

Wang also noted that discussions between the two presidents on economic and trade issues are very positive and constructive.

According to Wang, the two presidents reached important common understanding and the meeting certainly has "charted the course for China-US relations in some time to come".

China is "the largest source of illicit fentanyl and fentanyl-like substances in the United States", according to a USA commission established by Congress to review the national security implications of relations between the two countries.

U.S. President Donald Trump and Chinese leader Xi Jinping have pressed pause on the months-long escalation of their ongoing trade dispute. Aboard Air Force One, the president told reporters that he would formally terminate the 24-year-old North American Free Trade Agreement in a political gamble created to force wavering lawmakers to back his replacement treaty dubbed the United States-Mexico-Canada Agreement, or USMCA.

It also said a recently implemented tariff hike of 10 percent on some US$200 billion dollars' worth of Chinese products would remain unchanged.

"The system is now falling short of its objectives and there is room for improvement", the declaration added, calling for further reform of the World Trade Organization (WTO).

Before the meeting, Trump praised his close friendship with Xi.

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The statement said that Xi, "in a wonderful humanitarian gesture, has agreed to designate fentanyl as a controlled substance, meaning that people selling fentanyl to the United States will be subject to China's maximum penalty under the law".

Xi expressed openness to approving a previously unapproved Qualcomm-NXP deal, should it be presented to him again, it said.

"The relationship that I have with President Xi, I think that's going to be a very primary reason we'll probably ending up getting something good for China and good for the United States, so we very much appreciate it".

The White House statement called the meeting "highly successful".

However, the US affirmed its "strong commitment" to economic growth and energy access and security, utilizing all energy sources and technologies, while protecting the environment. Democrats favor provisions of the USMCA that encourage automakers to shift production back to the United States.

"It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation", it said. China responded with its own tariffs.

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. The European Union is also pushing for sweeping changes to how the WTO operates.

"It's an incredible deal", the president said aboard Air Force One, according to AP. Christine Lagarde, managing director of the International Monetary Fund, said Saturday that "trade tensions have begun to have a negative effect" and are increasing the risk that growth will disappoint.

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