White House: US, China declare 90-day halt to new tariffs

Argentina Awards Xi Jinping Nation’s Highest Honor and Purebred Horse		Argentina's presidential press office via AP3 Dec 2018

Together, the G-20 members represent 85 per cent of global GDP, two-thirds of the world's population, and 75 percent of worldwide trade.

High-stakes trade talks between U.S. President Donald Trump and Chinese President Xi Jinping on Saturday went "very well", a top White House aide said, suggesting there may have been progress toward defusing the two countries' damaging tariffs war. "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. His reflections on the meeting suggest that, at least at the leaders' level, the US-China relationship is in a better place than it was in October, following US Vice President Mike Pence's speech criticising a wide array of Chinese actions.

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

Washington has also accused Beijing of selling trade secrets and forcing American companies to hand over technology in exchange for access to Chinese markets.

And while existing 10 percent tariffs targeting a massive $200 billion in goods won't rise to 25 percent on January 1, as threatened by Trump, they will still remain in effect.

His tariff campaign against the country began in January 2018, and saw a 25 per cent tariff on steel imports imposed in March.

Contrary to their treatment of the United States, the G20 leaders placed a requirement on China.

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So far, the USA has imposed tariffs on $250 billion worth of Chinese imports.

U.S. officials have insisted that the United States 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.

As the Buenos Aires meeting drew to a close, leaders of the forum which consists of 19 countries and the European Union agreed to fix the world trading system - but only 19 of them agreed to support the Paris accord on fighting climate change.

"The misuse of and addiction to opioids - including prescription pain relievers, heroin, and synthetic opioids such as fentanyl- is a serious national crisis that affects public health as well as social and economic welfare", it said.

Growing concerns that the trade war would increasingly hurt corporate earnings and the U.S. economy are a key reason why U.S. stock prices have been sinking this fall. In doing so, they cited the trade conflict as well as political uncertainty.

Trump-Xi Dinner Offers Chance to Avert Deeper U.S. He said he looked forward to the dinner and discussion.

While the Trump-Xi duet riveted most attendees here, the G-20 leaders agreed on a communique that reflected shared ambitions in economic development, finance and trade.

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Mr. Trump met with German Chancellor Angela Merkel earlier on Saturday.

Beyond trade, Washington and Beijing find themselves increasingly entangled on hard-to-resolve issues.

But the cease-fire didn't last.

Duties of 10 per cent now on most of those goods are set to rise on January 1 to a whopping 25 per cent if a deal isn't reached.

"On standard trade issues, this is where we were weeks ago", said Derek Scissors, a China scholar at the American Enterprise Institute and sometimes adviser to the administration. "China agreed to increase imports from the US", Zhang said.

"We're getting along very well".

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