United States and China 'will impose no new tariffs'

United States and China 'will impose no new tariffs'

United States and China 'will impose no new tariffs'

Trump agreed not to boost tariffs on US$200 billion (RM836.9 billion) of Chinese goods to 25 per cent on January 1 as previously announced, while Beijing agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said in a statement.

At Trump's request, China agreed to label fentanyl a controlled substance due to its contribution to the U.S. opioid crisis.

US president Donald Trump has scrapped plans to increase tariffs on Chinese goods, in an announcement that sees the year-long US-China trade war cool considerably.

Meanwhile, the state-run China Daily said in the editorial that "the fact that the two leaders could sit down for candid talks and agree to avoid the looming escalation of trade tariffs to allow for continuing trade negotiations, shows that both sides are aware of how damaging they would be, not just on each other but the global economy as a whole". "If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%", she said.

China, which has already slapped tariffs on $110 billion in USA goods, is likely to retaliate, ramping up a conflict that is already rattling financial markets and causing forecasters to downgrade the outlook for global economic growth.

Trump-Xi Dinner Offers Chance to Avert Deeper U.S. China also will make fentanyl, a deadly synthetic opioid, a controlled substance, the White House said. The White House characterized that encounter as an informal chat, but Putin gave it more significance. He struck a positive note as he sat across from Xi, despite the US president's earlier threats to impose new tariffs on Chinese imports as early as the start of next year.

Trump previous year declared the opioid crisis a public health emergency in the United States and brought up the issue with Xi when the two leaders met in Beijing in November 2017.

Joining other forecasters, economists at the Organisation for Economic Co-operation and Development last week downgraded their outlook for global economic growth next year to 3.5 percent from a previous 3.7 percent, citing the trade conflict, as well as political uncertainty.

China, which has already slapped tariffs on US$110 billion in USA goods, is likely to retaliate, ramping up a conflict that has already rattled financial markets and caused forecasters to downgrade the outlook for global economic growth.

It also said a recently implemented tariff hike of 10 percent on some US$200 billion dollars' worth of Chinese products would remain unchanged.

"Based on information I received, talks between Xi and Trump went well and consensus was reached", Hu Xijin, the editor of the Global Times, published by the ruling Communist Party's official People's Daily, wrote on Twitter, without giving details.

China, in response, had been threatening to impose taxes on an additional 5,000 types of American imports worth about $60 billion.

Earlier on Saturday, the leaders of the world's top economies called for WTO reform in their final summit statement.

The agreement came after a more than two-hour dinner between the two leaders, held on the sidelines of the Group of 20 summit in Argentina. "The system is now falling short of its objectives and there is room for improvement".

They have also agreed to exchange visits at the appropriate time.

"He was a terrific guy and he'll be missed".

"Perhaps we can break through in Buenos Aires or not", he said. He did not respond to a reporter's question about whether he regrets his past criticism of the 41st president, and his son, George W. Bush, who was the 43rd president.

Through a translator, Xi said that "only with cooperation between us can we serve the interest of global peace and prosperity and that is why I look forward to this meeting".

Trump counted a victory Friday for his brash trade stance as the United States, Canada and Mexico signed a new trade deal, a successor to the North American Free Trade Agreement.

"The most hard part is that US wants China to give up the industrial upgrading plan - known as Made in China 2025".

Related news