Wednesday, 19 December, 2018

Xi G20 Meeting to Help Prevent Trade War Escalation - Business Lobby

Trump wants to kill electric car development Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days
| 04 December, 2018, 00:40

U.S. indexes rose about 1% on Monday, following gains in Europe and Asia.

At their dinner meeting in Buenos Aires Saturday, the two leaders agreed to suspend any new tariffs and give negotiators 90 days to strike a deal, sending stock markets soaring.

"We'll be discussing trade".

Despite the questions, US President Donald Trump was in an ebullient mood, promising benefits to US farmers and auto companies.

Chinese President Xi Jinping promised in exchange to buy more American exports.

Minutes later, the president specifically tied his self-congratulation to what he predicted will be a dramatic increase in farm exports from the U.S.to China. "China's reform and opening-up's broad perspective recognises that the rest of the world does things differently", it said in its editorial.

What was agreed at the G20? .

The both leaders also agreed to start negotiations on structural changes "with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture".

Beijing, too, will hold off on escalating in the meantime with retaliatory action, working instead to purchase what the White House has said will be a "very substantial" amount of USA goods in the agricultural, energy, and industrial sectors. China, which hiked the tariff on US -made cars coming into the country to 40 percent amid the trade fight, hasn't made a similar announcement on auto tariffs.

There was no immediate response on Monday from the Chinese Commerce Ministry about whether Beijing had made such a pledge.

Neither country had mentioned auto tariffs in their official read-outs of the Trump-Xi meeting.


USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

While it remains to be seen if Washington and Beijing can iron out their trade differences, it would be beneficial for both sides' energy sectors to at least reach some sort of deal that would allow the free trade of energy between the two super powers.

USA officials insist that the American 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.

President Trump and Chinese President Xi Jinping approved a deal on Saturday at the Group of 20 meeting in Argentina.

What pushed the two sides to the table?

Some lawmakers have criticized Trump for his tough trade talk and actions toward China, including his tariffs and threats of imposing up to $256 billion more in such sanctions if no deal could be reached.

Exporters of fentanyl have skirted Chinese laws by shifting to analogues, or molecules that have similar effects on the body, but don't fall under bans the country has imposed on fentanyl itself, according to a report from the commission released on November 26.

Worries about the economic impact of the tariffs have pushed stock markets lower in recent months.

Oil prices - down more than 20% last month amid renewed fears of a supply glut - also recovered some poise as investors bet on weaker damage to wider demand in the world economy.

Investor sentiment last week was also supported by comments by Federal Reserve Chairman Jerome Powell that led many to believe that the US central bank will raise rates more gradually than expected previously. Rather, the White House's goal was "that there would be an indication, a kind of way ahead that the advisors could then pursue", Bolton said.

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