President Trump and Chinese President Xi Jinping agreed on Saturday to 90 days ending new tariffs, celebrated as a ceasefire…
Pablo Martinez Monsivais / AP
President Trump left the 20th Argentina summit with an agreement not to raise tariffs for Chinese goods over the next 90 days, the White House said. The deal arises as a ceasefire in the series of escalating high-speed rail tariffs that the US and China have introduced to each other’s goods throughout the year.
Before Trump met with its Chinese counterpart, Xi Jinping, the United States planned to raise the 200 billion Chinese Chinese goods from 10 percent to 25 percent on January 1. The agreement keeps these tariffs at least 10 percent for at least 90 days while the countries negotiate further. The White House also says that China has agreed to buy more US goods, although it did not indicate how much.
Trump called on Saturday night’s two and a half dinner meeting – one hour longer than planned – “amazing and productive.” China also agreed to label opioid phenol a controlled substance, which the White House called “a wonderful humanitarian gesture”.
So far, the United States has introduced tariffs of $ 250 billion Chinese imports. China has recovered with USD 110 billion in US imports.
Although the United States and China agreed to stop the trade war it was not immediately clear if they had made any progress in the problems that caused it. The White House said that intellectual property rights were one of the areas in which China agreed to negotiate further, but it did not say if the subject had been discussed at the meeting.
On Air Force One who returned from Buenos Aires, the president also told reporters that he would move to cancel NAFTA, the trade agreement with Mexico and Canada. Trump and the leaders of these countries signed an updated trade agreement, the US-Mexico-Canada agreement or USMCA, at the G-20.
USMCA requires Congress approval to come into force, and getting through Congress can be a challenge. Trumpramad discontinues NAFTA as a way to force the legislature’s hands. “Congress will have a choice of USMCA or pre-NAFTA,” he said.
Pablo Martinez Monsivais / AP
USMCA announcement in October called Trump “the most important trade agreement we have ever made far”. Throughout the presidential campaign and as president, Trump has scrapped 25-year-old NAFTA as a lopsided deal that allows Canada and Mexico to take advantage of the United States. His top retailer has said in a joint statement with Canada’s Foreign Minister that the USMCA “will lead to more free markets, fairer trade and robust economic growth in our region.”
But on The signed ceremony on Friday called the Canadian Prime Minister Justin Trudeau the deal “The New North American Free Trade Agreement”, which decreases to use its official name. The economists’ reaction to the deal has become mixed. An economist said that even with the USMCA, “trading will be less free in North America than when President Trump took office.”
Other news in the United States took part of the headlight outside Trump’s trip. Until G-20, Trump had planned a bilateral meeting with Russia’s Vladimir Putin. He aborted that meeting suddenly after his former lawyer was obliged to listen to the congress, including the Trump organization’s attempt to do business in Russia during the presidential campaign from 2016. The couple met shortly later on by an event. Then, former President George H.W. Bush urged Trump to cancel a planned press conference, he said, disrespectful.
China correspondent Rob Schmitz and White House correspondent Scott Horsley contributed to reporting.