Trump meets Chinese leader at G20 summit amid trade war

Trump meets Chinese leader at G20 summit amid trade war

Trump meets Chinese leader at G20 summit amid trade war

The truce, agreed on Friday (30 November) by USA president Donald Trump and China's president Xi Jinping, has been welcomed by U.S. associations representing apparel and footwear brands and retailers. China gets a delay on additional tariffs, while the USA gets greater purchases of agriculture goods while retaining leverage to push for more structural changes to the economy.

China said, according to the White house to buy more American goods, including agricultural products.

At the dinner, Trump said his ties to Xi were "a very primary reason" for considering a deal possible.

The Mexican government has presented President Donald Trump's son-in-law and White House adviser Jared Kushner with the Order of the Aztec Eagle.

President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he'd struck with China to reduce tariffs on US cars exported to the country - an agreement that doesn't exist on paper and hasn't been confirmed in Beijing.

Trump and Xi were on the verge of the G20 summit come together to find in in months-led trade dispute with a compromise.

"The principal agreement has effectively prevented further expansion of economic friction between the two countries and has opened up new space for win-win cooperation", said Chinese Foreign Minister Wang Yi.

These include China stopping a host of trade barriers, intellectual property theft and other actions that Washington say make fair trade impossible.

According to Chinese media the leaders have reached a consensus that trade talks should continue and have agreed not to impose any additional tariffs, at least for now. The tariff on those goods will remain the 10 percent that became effective in September (in addition to any pre-existing tariffs on those goods) for at least 90 days from the truce agreement of December 1, so the 25 percent tariff increase is pushed out by about 60 days.

In addition to the Dow, futures for the S&P 500 and the Nasdaq have also jumped significantly, with futures on oil and copper posting large increases as well on hopes a China-U.S. trade deal could boost global economic growth. About 10 per cent, or more than 280,200, cars China imported a year ago came from the USA, according to China's Passenger Car Association. "Farmers, I LOVE YOU!" he said.

Discussions were to begin immediately, with the goal of an agreement within 90 days.

However, if during this negotiation period, the two countries fail to reach a consensus, the United States will raise their tariffs to 25 percent, the White House said. They were forced to raise prices in the world's largest new vehicle market, which ended up costing them sales. 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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