Economy

US, China put brakes on their trade dispute with ceasefire

US, China put brakes on their trade dispute with ceasefire”

The White House did not immediately comment on the outcome of the meeting on the sidelines of the G-20 summit in Buenos Aires, but senior Trump adviser Larry Kudlow said that it went "very well".

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

Chinese State Councilor and Foreign Minister Wang Yi (C) speaks at a press briefing on the meeting between Chinese President Xi Jinping and his USA counterpart Donald Trump that was concluded earlier in the day in Buenos Aires, Argentina, Dec. 1, 2018.

Trump slapped 10 per cent tariffs on US$200 billion in Chinese goods in September.

At the table, Trump announced his plane would fly to Houston, in the state of Texas, after the return of Air Force One from Argentina, to transport Bush's casket to Washington.

China's Vice Commerce Minister Wang Shouwen said that China and the United States also decided not to impose new tariffs on other products.

To add to the growing tension, the USA is now blaming China for the opioid crisis as increasing numbers of Americans are dying after overdosing on synthetic drugs.

"It's an incredible deal".

Trump has already imposed tariffs on $250 billion on Chinese products.

"This was a rare opportunity for China because (the mid-terms) made Trump a lame president", said Beijing-based political consultant Hua Po. He also canceled a Saturday news conference following the death of former President George H.W. Bush.

With Trump feuding with close United States allies, not least on climate change, two major summits this year ended without once-routine statements - those of the Group of Seven democracies and the Asia-Pacific Economic Cooperation forum. "This changes the tone and direction of the bilateral conversation".

China also agreed to reconsider approval of US chipmaker Qualcomm's takeover of Netherlands-based rival NXP - a deal the Chinese government blocked earlier this year ― and to label the synthetic opioid fentanyl a controlled substance, a move the USA has been pushing China to do for years.

China nixed the proposed purchase of Dutch semiconductor manufacturer NXP by the chipmaker over antitrust concerns.

White House press secretary Sarah Sanders said China's decision to label the drug as a controlled substance means that "people selling fentanyl to the United States will be subject to China's maximum penalty under the law".

During the meal, Xi also expressed sympathies for the passing of the former president, saying Bush, who also was once the US envoy to China, had "made many contributions to U.S".

U.S. officials have insisted that the USA economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

Washington has accused Beijing of deploying predatory tactics in its drive to develop its domestic technology industry, including stealing trade secrets and forcing USA firms to hand over technology in exchange for access to the Chinese market.



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