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US-China trade war: Deal agreed to suspend new trade tariffs


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  • Platinum Contributing Member

US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says.

At a post-G20 summit meeting in Buenos Aires, Mr Trump agreed not to boost tariffs on $200bn (£157bn) of Chinese goods from 10% to 25% on 1 January.

China will buy a "very substantial" amount of agricultural, industrial and energy products, the US says.

Meanwhile, Beijing says the two sides agreed to open up their markets.

It was the first face-to-face meeting between the two leaders since a trade war erupted earlier this year.

The dispute broke out after Mr Trump complained China was doing nothing to cut its large surplus in bilateral trade.

At the summit in Argentina's capital earlier on Saturday, the G20 leaders agreed a joint declaration that notes divisions over trade but does not criticise protectionism.

What are the details of the US-China accord?

Mr Trump and Mr Xi held a "highly successful meeting", the White House says in a statement.

It says the US tariffs on Chinese goods will remain unchanged for 90 days, but warns: "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent."

The US says China agreed to "purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States to reduce the trade imbalance between our two countries".

Both sides also pledged to "immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft", the White House says.

President Trump said earlier this year he wanted to stop the "unfair transfers of American technology and intellectual property to China".

According to the US, China has also signalled it will allow a tie-up between two major semiconductor manufacturers which Chinese regulators have been blocking.

The White House statement said China was "open to approving the previously unapproved Qualcomm-NXP deal".

Qualcomm - the world's biggest chipmaker - had abandoned its $44bn bid for Dutch rival NXP Semiconductors after Chinese opposition.

The US also says Beijing agreed to designate Fentanyl as a controlled substance. The opioid - much of it thought to be made in China - is driving a huge rise in drug addiction in the US.

Chinese Foreign Minister Wang Yi told reporters after the talks that "the principal agreement has effectively prevented further expansion of economic friction between the two countries".

He hailed "new space for win-win co-operation", while Chinese state TV said negotiations would continue.

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Analysis

Stephen McDonell, BBC China correspondent in Beijing

China has pretty much given up nothing in this deal because the future tariffs threatened from the Beijing side were retaliatory in nature and only to be applied if the United State escalated.

For this it has gained a 90-day reprieve, during which time both sides have pledged to ramp up talks.

When China's Foreign Minster Wang Yi spoke to reporters after the meeting he said the two leaders had agreed to open up each other's markets and that this process could lead to the resolution of "legitimate" US concerns.

This was either an acknowledgment that Washington does have legitimate concerns or a way of differentiating those American concerns which are reasonable from those which are not actually "legitimate".

This is not a suspension of the trade war but a suspension of the escalation of the trade war.

Big questions remain about the preparedness of Beijing to allow international access to this enormous market to a level that would satisfy the Trump administration prompting a complete halt in the trade war.

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2 hours ago, steve from amherst said:

Analysis

Stephen McDonell, BBC China correspondent in Beijing

China has pretty much given up nothing in this deal because the future tariffs threatened from the Beijing side were retaliatory in nature and only to be applied if the United State escalated.

For this it has gained a 90-day reprieve, during which time both sides have pledged to ramp up talks.

When China's Foreign Minster Wang Yi spoke to reporters after the meeting he said the two leaders had agreed to open up each other's markets and that this process could lead to the resolution of "legitimate" US concerns.

This was either an acknowledgment that Washington does have legitimate concerns or a way of differentiating those American concerns which are reasonable from those which are not actually "legitimate".

This is not a suspension of the trade war but a suspension of the escalation of the trade war.

Big questions remain about the preparedness of Beijing to allow international access to this enormous market to a level that would satisfy the Trump administration prompting a complete halt in the trade war.

UNBLOCK MY PMs you faggot. 

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8 minutes ago, ActionfigureJoe said:

This will be the last you’ll hear of any tariffs. What a silly fucking show of arrogance. I swear, America elects the dumbest mother fuckers in the known universe. 

wrong again .

but just another day like most in your life 

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1 hour ago, ActionfigureJoe said:

This will be the last you’ll hear of any tariffs. What a silly fucking show of arrogance. I swear, America elects the dumbest mother fuckers in the known universe. 

Yah....I mean the audacity of an American leader actually trying to protect our industry

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On 12/3/2018 at 12:27 PM, steve from amherst said:

Dog fucking public servant says what

I know where you live, criminal nigga of Amherst. Shithole garbage house lot, in a gulley, with a driveway that looks like a rock hiking trail up Mt. Monadnock. 

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On 12/3/2018 at 12:27 PM, steve from amherst said:

Dog fucking public servant says what

It's really great seeing my monthly retirement check deposited in my checking account, knowing that YOU worked like a nigga this summer, and paid into my retirement!!! LMAO!! 

This spring when you're hauling compressors and all kinds of heavy, dirty equipment around, I want you to know that I'll be on Winnipesaukee in my new Nitro Boat, that YOU paid into!!! LMMFAO!! Steve, the Nigga of Amherst!!

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7 minutes ago, Polaris 550 said:

It's really great seeing my monthly retirement check deposited in my checking account, knowing that YOU worked like a nigga this summer, and paid into my retirement!!! LMAO!! 

This spring when you're hauling compressors and all kinds of heavy, dirty equipment around, I want you to know that I'll be on Winnipesaukee in my new Nitro Boat, that YOU paid into!!! LMMFAO!! Steve, the Nigga of Amherst!!

So you are collecting welfare ! I knew it !

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1 hour ago, The One said:

I really don't care if ur shit is on ur boyfriend's cock !!! 

Go look at the pic, and lick the screen, FAGGON!! LICK AND SMELL IT FAGGON!!

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  • Platinum Contributing Member
13 hours ago, Polaris 550 said:

It's really great seeing my monthly retirement check deposited in my checking account, knowing that YOU worked like a nigga this summer, and paid into my retirement!!! LMAO!! 

This spring when you're hauling compressors and all kinds of heavy, dirty equipment around, I want you to know that I'll be on Winnipesaukee in my new Nitro Boat, that YOU paid into!!! LMMFAO!! Steve, the Nigga of Amherst!!

But you lost a yrs salary , yesterday.

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3 hours ago, The One said:

Man you are homo

Smell my shit-pic. Rub it in your face, faggot!!

 

1 hour ago, steve from amherst said:

But you lost a yrs salary , yesterday.

No you fucktard, I lost from my highest level of profit. I'm still ahead from massive gains last year. 

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