Trump, Xi chew over trade war at high-stakes dinner

Trump, Xi chew over trade war at high-stakes dinner

The White House statement on the meeting between Trump and Xi stressed that China agreed to start purchasing agricultural product from U.S. farmers immediately. Trump agreed to delay implementing a 25 percent tariff on Chinese goods - including at least $1 billion in bike-related products - that had been set to take effect January 1.

In a separate tweet Monday, Trump described his Saturday meeting with Chinese President Xi Jinping at the Group of 20 summit in Argentina as "extraordinary", saying "relations with China have taken a BIG leap forward!"

In accordance with the agreement, the Chinese side will expand the volume of purchases of American goods, particularly agricultural products, to reduce the US deficit in trade with China. The sticking points include "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture", according to an official White House statement.

By agreeing to a 90-day ceasefire and freezing new White House-planned tariffs to allow for a series of talks to take place on a range of key issues, the early foundations of a deal have been laid.

The White House announced it wouldn't raise the 10 percent tariffs to 25 percent, instead giving the two countries 90 days to talk out their problems.

The dust has settled in the trade war between the United States and China.

"Cooperation is the best option for the two countries" in promoting world peace and prosperity, Xi reportedly told the USA president at a working dinner, according to Xinhua.

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"We are dealing from great strength, but China likewise has much to gain if and when a deal is completed", Trump wrote.

National Economic Council Director Larry Kudlow said he, Mnuchin and U.S. Trade Representative Robert Lighthizer had lunch with China's vice premier in Argentina and he told them that Beijing would move immediately on the new commitments.

He said the meeting with Trump was a "representation of our personal friendship".

He said under the deal China would buy a "tremendous amount of agricultural and other product" from the United States. The same goes for Trump who is under pressure from U.S. lobby groups, who have pointed out that higher tariffs would mean higher costs for American manufacturers, leading to higher prices for USA consumers. The tariffs will remain at 10 percent.

China is willing to import more goods from the United States based on the needs of the Chinese people and to gradually address the imbalance issue. "It goes down, certainly - if it happens, it goes down as one of the largest deals ever made", he told reporters. While China has comparatively less room to implement new tariffs as it imports significantly less than it exports to the US, China also will not increase tariffs during this period.

"It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation", the daily said.

Xi appears to have offered up non-trade measures to build goodwill in the relationship at a time of multiple converging tensions, from the South China Sea to Taiwan. China even supposedly agreed to bring its tariffs on US cars more in line with its duties on automobile imports from other countries.

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