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Trump agrees not to raise tariffs in China after the meeting with Xi Jinping

LastUpdated December 1, 2018 10:29 EST White House said late on Saturday that President Trump and China President Xi Jinping…

Last
Updated December 1, 2018 10:29 EST

White House said late on Saturday that President Trump and China President Xi Jinping had agreed on a weapon in the ongoing trade war and Mr Trump did not agree that raise tariffs further. Both presidents called the meeting “very successful”, but the White Paper’s statement highlighted some details.

The statement on Saturday said China agreed to buy a “very large” amount of American products, including “agricultural product from our farmers immediately”.

White House press secretary Sarah Sanders said that both leaders have agreed to address several issues, including the need to protect so-called “intellectual property rights”, an important issue for American companies was concerned about losing competitive technology. Other issues are “structural changes in forced technology transfer, non-tariff barriers, cybercrime and Internet theft, services and agriculture.” Discussions begin immediately with a goal to end within 90 days.

Charges of 200 billion kronor of Chinese products would jump from 1

0 percent to 25 percent after January 1, 2019.

The two pages have been saving since March when Trump first began to threaten tariffs on imported products from China.

Following negotiations in May, China and the United States made a similar statement to one Saturday. On 19 May two countries said that China would “significantly increase” the purchase of American products, marking agriculture and energy. The following day, state secretary Steven Mnuchin explained that “the trade war remains”.

White House said that Xi has agreed to designate fentanyl as a controlled substance, which means that people who sell fentanyl to the United States will be subject to China’s maximum penalty under the law. Mr Trump had pushed the designation.

The White House also stated that Xi and Mr Trump had agreed that “Great progress” had been made with North Korea, and Mr Trump and Xi will work with Kim Jong Un against a nuclear-free North Korea. Mr. Trump, the statement said, “expressed his friendship and respect” for Kim.

Mr. Trump and Xi are both at the G-20 conference in Buenos Aires, Argentina.

This is a breakthrough story and will be updated.

© 2018 CBS Interactive Inc. All rights reserved.

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