China, US hail trade truce but key obstacles still remain

Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue

Trump has already imposed new tariffs on about $250 billion worth of Chinese imports, roughly half of all goods China imports to the USA every year.

The truce between the USA and China emerged after a highly anticipated dinner Saturday between Trump and Xi on the sidelines of the Group of 20 summit in Argentina.

If the latest effort encounters the same roadblocks, Trump said he will proceed with his previous plan to raise tariffs on $200 billion in Chinese products to 25 percent from 10 percent, which was to have taken effect on January 1.

The statement also noted that China would purchase a "not yet agreed upon, but very substantial" amount of agricultural, energy, industrial and other products.

The bad news is that this deal opened a 90-day window to negotiate a deal not just on trade but also on protecting intellectual property, ending the forced transfer of technology, and more. Wang Shouwen, China's vice minister of commerce, said both sides will step up negotiations on eliminating the 10 percent tariff, according to Chinese state media outlet China Daily.

The two sides also agreed to enhance cooperation on law enforcement and combating illicit drugs, including the synthetic drug fentanyl, Wang said.

US-China trade divisions meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history.

The White House also said China "is open to approving the previously unapproved Qualcomm Inc NXP deal should it again be presented".

Trump has imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the other $200 billion.

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The dinner between Trump and Xi lasted almost two-and-a-half hours - an hour longer than expected, according to the South China Morning Post.

"Some Chinese speculate about what compromise the United State can make in the future because China promised a lot and Trump just promised to not raise USA tariffs", he added.

After the meeting, Kudlow said the talks went "very well". China responded with its own tariffs.

"And I think at some point, we're going to end up doing something which is great for China and great for the United States", Trump told reporters before the meeting. "China relations that both sides claim victory", said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush.

China has agreed to start purchasing agricultural product from our farmers immediately, it said. "He's a good friend but we have a little bit of a dispute", Mr. Trump said about Xi in an interview with Voice of America on Friday.

Observers feared that if no progress was made at the Trump-Xi dinner, the USA president would make good on his threat to double the amount of Chinese goods facing punitive taxes, and escalate tariffs to a 25 percent level at the start of the new year.

"Facts have proven that China and the USA have more common interests than differences, and have greater need for cooperation than friction".

Not long before the Trump-Xi dinner, the annual summit concluded in the Argentine capital with a watered-down statement.

Although Trump hailed the deal as "incredible", analysts have pointed out that China actually compromised little.

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