Trump and China called a trade war truce - now what?

Argentine president opens G-20 Summit

"We'll be discussing trade and I think at some point we are going to end up doing something great for China and great for the United States", Trump said when a small pool of reporters was briefly allowed into the room.

Experts claimed that the future of global trade would hinge on the much-anticipated dinner meeting between President Trump and Chinese President Xi Jinping last night, at which United States trade advisor Peter Navarro was also present.

The consensus reached at the meeting is of great significance, which not only effectively stopped further escalation of trade tensions, but also opened up new prospects for win-win cooperation between the two countries, said Wang.

Exports of Fentanyl from China became the latest source of friction between the two countries as it has emerged as a new source of drug abuse in the United States in addition to heroin, resulting in large scale deaths of American youth.

Buenos Aires: The United States and China on Saturday announced a ceasefire in their tariffs war, hours after US President Donald Trump upended another global forum by snubbing G20 action on trade disputes and climate change.

"It goes down, certainly - if it happens, it goes down as one of the largest deals ever made", Trump told reporters aboard Air Force One as he returned from Argentina.

Most of those products are subject to a new 10% tariff, and Trump had threatened to raise that to 25% on January 1 if China doesn't open its markets further and stop stealing American technology. If they can't, the higher USA tariffs will go into effect on the $200 billion in Chinese imports.

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

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Trump cancelled his meeting with Russian President Vladimir Putin at the G20 in protest over Russia's seizure of Ukrainian naval boats last week, with Putin hitting back at the G20 meeting by condemning the "vicious use of sanctions and trade protectionism". The deal amounts to a ceasefire in the series of escalating, tit-for-tat tariffs the US and China have imposed on each other's goods throughout the year.

He suggested that the "incredible relationship" he and Xi had established would be "the very primary reason" they could make progress on trade, though he offered no sense of how they might resolve the main issue dividing their countries.

Moreover, the two sides have agreed to actively protect law enforcement and the control of illicit narcotics, including the control of Fentanyl.

Xi expressed openness to approving a previously unapproved Qualcomm-NXP deal, should it be presented to him again, it said.

US President Donald Trump has said he hopes to meet North Korean leader Kim Jong-un in 2019, as early as January or February.

"The system is now falling short of its objectives and there is room for improvement", the declaration added, calling for further reform of the World Trade Organization (WTO). The presidents have come to an agreement on stopping the imposition of additional tariffs.

He cited "market access restrictions, weak intellectual property rights protection, unfair industrial policies, the slow pace of economic reforms and lack of regulatory transparency". The escalating trade war raised concerns in China as its economy was on the downward trend amid efforts by the government to rejig the export dependent economy to that of relying more on domestic consumption.

But it was the United States and China that dominated the spotlight.

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It was the first face-to-face meeting between the two leaders since Trump's China visit in November past year and since both countries started imposing tit-tat tariffs on each other's exports.

It also said a recently implemented tariff hike of 10 percent on some US$200 billion dollars' worth of Chinese products would remain unchanged. Numerous countries have filed litigation at the WTO to contest the levies.

The United States is unhappy with what it says is the WTO's failure to hold Beijing to account for not opening up its economy as envisioned when China joined the body in 2001. The European Union is also pushing for sweeping changes to how the WTO operates.

The non-binding agreement, negotiated in all-night talks, capped the two-day G20 summit in Buenos Aries.

But it stopped short of agreement on the two biggest challenges facing the G20: The future of world trade and climate change. The gathering's final statement, however, did not mention protectionism after negotiators said the US objected to the wording.

The U.S. leader was coy on Friday even as he noted some positive signs.

In a joint declaration, the leaders of G20 nations on Saturday agreed to build consensus for fair and sustainable development through an agenda that is "people-centred, inclusive and forward-looking".

"I hope that we can meet when the United States side is ready for it".

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