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Donald Trump, Xi Jinping Agree To Trade Truce At G-20 Summit

03 December 2018

The two leaders agreed to expand cooperation based on reciprocity and mutual benefit and manage differences based on mutual respect, so as to jointly advance China-U.S. relations with coordination, cooperation and stability as the defining features.

William Zarit, chairman of the American Chamber of Commerce in China, said the auto announcement, if confirmed, was "certainly movement in the right direction, and hopefully a sign of more things to come". Although tariffs of 25% on $50 billion goods and 10% on $200 billion will remain in place, the ceasefire should reduce the negative effects of the trade war.

At a more than two-hour dinner meeting in Buenos Aires, the USA agreed to temporarily halt escalating trade actions and China agreed to begin opening up its markets to American goods. -China trade dispute. However, 90 days is a short period for negotiations on complicated structural issues, and some agreement will be hard to verify beforehand.

Both sides gained from hitting the pause button, with Trump avoiding further hits to United States agricultural exports, and Xi staving off an escalation of the pressure that higher tariffs would place on his country's slowing economy.

This saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of United States imports. "This is the first time they've responded on very, very specific issues".

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Growing concerns that the trade war will increasingly hurt corporate earnings and the US economy are a key reason why USA stock prices have been sinking this fall.

Shares of Chinese vehicle dealers also perked up on hopes that such a move could revitalize the domestic auto market that is poised for its first annual sales contraction in decades amid cooling economic growth and a debilitating U.S. China responded by adding its own import taxes to an equal amount of US goods.

The US and China have been embroiled in a trade war this year which has seen the US hit China with tariffs on $250bn (£195.9bn) worth of goods since July, and China retaliate with duties on some $110bn of US goods over the same period.

However, Qualcomm said in a statement that it considers the matter closed. Cars made in North America get a zero tariff thanks to the North American Free Trade Agreement, an arrangement set to continue under the U.S. Mexico Canada Agreement signed in Buenos Aires, Argentina over the weekend.

In the short-term, there is no deal just yet - only an agreement by both sides to freeze escalation as it stands today, buying time to work out a possible path.

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As two major countries with great influence, China and the United States shoulder important responsibilities in promoting world peace and prosperity, Xi told Trump.

But the White House also said the existing 10pc tariffs on $200bn worth of Chinese goods would be lifted to 25 percent if no deal was reached within 90 days, once again setting the clock ticking. "We said that you also have to demonstrate greater market access, and one of the many ways they can do that is by purchasing hundreds of billions of dollars of both agriculture and non-agriculture products".

"It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product", Trump told a gaggle of reporters.

A temporary truce rather than an agreement was reached between the two, where both sides would negotiate over trade and China's alleged malpractices in forced technology transfer.

The oil price is updated at least October 2017
And if trade tensions between the United States and China depress global growth, oil prices could slide anew. The price of crude oil went down sharply from 10 in the morning, down more than a dollar .

Donald Trump, Xi Jinping Agree To Trade Truce At G-20 Summit