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G20 summit backs WTO reform ahead of Trump, Xi trade talks

06 December 2018

But then Trump and Chinese President Xi Jinping met face to face at the G20 summit in Argentina this weekend.

"Cooperation is the best option for the two countries" in promoting world peace and prosperity, Xi reportedly told the United States president at a working dinner, according to Xinhua. In return, the White House said Xi will buy a "very substantial amount" of USA agricultural, energy and industrial products.

Trump said he and Xi "are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations". Shares are advancing in Asia following the meeting between Presidents Donald Trump and Xi Jinping. The U.S. will postpone until March 1 a plan to raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent, with Washington set to resume talks with Beijing in hopes of a longer-term deal on trade. While 11 months in 2016 had trade deficits with China that were lower than the same month the year before, every month since February 2017 has seen an increased deficit from the same month in the previous year. "The specter of higher and broader U.S. tariffs remains, and the underlying issues clouding the trade relationship are deferred to further negotiations".

The United States and China are locked in a dispute over their trade imbalance and Beijing's tech policies.

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With the United States and China clashing over commerce, financial markets will take their lead from the results of the talks, widely seen as the most important meeting of USA and Chinese leaders in years.

Also, Beijing has neither echoed nor rebutted Trump's claim about China agreeing to "reduce and remove" tariffs on American vehicles. "They intend to start purchasing agricultural product immediately".

With this 90-day halt on new tariffs, we are hopeful this comes as a break for farmers and leads to future agreements between the two countries.

Resolving the tariff war between the US and China is seen as crucial for American agriculture, particularly soybeans, America's largest export to China, which accounted for $12.4 billion in sales past year.

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On Air Force One returning from Buenos Aires, the president also told reporters he would move to cancel NAFTA, the trade agreement with Mexico and Canada.

Discussions were to begin immediately, with the goal of an agreement within 90 days.

The two leaders, who were in Buenos Aires for a summit of the G20 countries, called it "a highly successful meeting", a White House statement said.

Xi also agreed to designate the drug fentanyl as a controlled substance, the White House said. "Level the field!" he said in a series of early morning tweet.

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"The relationship is very special, the relationship that I have with President Xi and I think that is going to be a very primary reason why we will probably end up getting something that will be good for China and good for the United States", Trump said.

G20 summit backs WTO reform ahead of Trump, Xi trade talks