Xi, Trump reach consensus, agree not to impose new additional tariffs

Xi, Trump reach consensus, agree not to impose new additional tariffs

What else happened in Buenos Aires?

The news came at the end of this year's G20 summit in Argentina, after President Trump sat down for a working dinner with President Xi Jinping of China and their trade delegations in Buenos Aires. "The two heads of state reached consensus to halt the mutual increase of new tariffs", Wang said. China has retaliated with tariffs on $110 billion worth of USA imports.

The Trump administration had threatened to more than double the tariffs it has already slapped on $250 billion worth of Chinese imports, while Xi's government has put targeted tariffs on $110 billion in USA goods.

They include attempts to secure the denuclearisation of North Korea and China's increasingly self-confident expansion of military power, especially in the South China Sea.

Russian President Vladimir Putin said later on Saturday he had explained his position in the Ukraine crisis to U.S. leader Donald Trump at a G20 summit, and remained open to proper talks.

"The two presidents agreed that the two sides can and must get bilateral relations right", Wang said, per Reuters.

Prior to Trump's meeting with Xi, Stanley Chao, managing director of California-based All in Consulting, which assists Western companies in developing business in Asia, told Newsweek that he believed Trump needed "a win after the midterm elections", suggesting that the president would need to compromise. The world, Xi said, has witnessed a lot of changes since then.

Xi added, "Only with cooperation between us can we serve the interest of world peace and prosperity".

At the dinner in Buenos Aires, where the two leaders were attending the G20 summit, Mr. Trump agreed to a 90-day delay of tariff increases originally set for January 1.

The experts noted that the eventual US-China agreement will likely shape WTO reform, and that while the tariff "ceasefire" is a welcome development, it remains unclear whether the US and China would be able to work out a mutually beneficial deal in the coming weeks.

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China reiterated its stance on Taiwan affairs, and the US has expressed its support for the one-China policy.

The two leaders also exchanged views on the Korean Peninsula situation and other major worldwide and regional issues.

There was no immediate statement from either side when the dinner of more than two hours ended in Buenos Aires.

"The meeting was very successful and produced important consensus".

The dinner was moved up by about an hour after USA leader's schedule opened up on Saturday.

- China will buy "very substantial amount" of USA farm, energy, industrial product to reduce bilateral trade imbalance.

Before the dinner of grilled sirloin, red onions, goat ricotta and dates, Trump told reporters that "we'll be discussing trade and I think at some point we are going to end up doing something that is great for China and great for the United States".

The U.S. has pressured China to take a tougher stance against the drug, which is 50 times more powerful than heroin.

So far, China's actions in this regard have been fully recognized by the worldwide community including the United States.

The truce buys time for the two countries to work out their differences in a dispute over Beijing's aggressive drive to supplant US technological dominance. "We will review progress at our next Summit", it said.

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