President Donald Trump meets China's President Xi Jinping during his bilateral meeting at the G20 Summit, Saturday, in Buenos Aires.(Associated…
The United States and China have agreed on a 90-day violence in an effort to elaborate their trade differences. The news came Saturday after a dinner meeting between President Trump and Chinese leader Xi Jinping at the 20th Summit in Buenos Aires.
As part of the detention, Trump agreed to delay plans to raise $ 200 billion in Chinese goods that would have come into force on January 1
. China agreed to buy a “significant amount” of agricultural, energy and industrial products from the United States to reduce trade deficits.
“It’s an incredible deal,” Trump told reporters aboard the Air Force One on his way back to Washington. “What I’ll do is hold back on prices. China will open, China will get rid of tariffs. China will buy huge amounts of products from us.”
“It’s an incredible deal. China will open, China will get rid of tariffs. China will buy huge amounts of products from us.”
The temporary agreement comes to give both nations time to iron out their differences. If not, $ 200 billion will be scheduled for entry into force.
Trump has already introduced $ 250 billion in Chinese products. In response, China responded to a USD 110 billion tax in US goods.
The meeting came during Trump’s weekend trip to Argentina where he interrupted a meeting with Russian President Vladimir Putin among tensions between Russia and Ukraine. He also interrupted a Saturday conference after the death of former President George H.W. Bush.
“It’s good that the two sides took advantage of the ability to call a security guard,” said Andy Rothman, investment strategy at Matthews Asia. “The two sides seem to have had a big change of heart to move from confrontation to engagement. This changes the tone and direction of the bilateral conversation.”
China also agreed to label fentanyl, the synthetic opioid cited in thousands of drug death cases as a controlled substance and agreed to rethink a takeover of the American chipmaker Qualcomm that it had previously blocked.
China nixed the proposed purchase of Dutch semiconductor manufacturer NXP by the chip maker about antitrust problems.
White House press secretary Sarah Sanders said that China’s decision to label the drug as a controlled substance means that “people who sell fentanyl to the United States will be subject to China’s maximum penalty under the law.”
The United States has pushed China to take a tougher approach to drug, which is 50 times more powerful than heroin. Most of the United States supplies of the drug are manufactured in China.
Washington has also accused Beijing of selling business secrets and forcing US companies to hand over technology in exchange for access to Chinese markets.
Associated Press contributed to this report.