US and China stopped their war for three months

05 December, 2018, 04:31 | Author: Regina Silva
  • USA and China stopped their war for three months

Forged over grilled sirloin at the Group of 20 summit Saturday in Buenos Aires, Argentina, the ceasefire Trump and Xi agreed to Saturday night illustrated that the leaders of the world's two largest economies can at least find some common ground, however tentative and ill-defined it might be.

The United States agreed not to raise tariffs further on January 1, while China agreed to buy more agricultural products from US farmers immediately.

"I'm taking President Xi at his word, at his commitment to President Trump".

This year Trump imposed an import tax of 25 percent on $50 billion in Chinese products, then hit an additional $200 billion worth of goods with 10 percent tariffs.

Reuters notes the United States now charges a 27.5 percent tariff on vehicles with a "made in China" label.

Resolving the tariff war between the USA and China is seen as crucial for American agriculture, particularly soybeans, America's largest export to China, which accounted for $12.4 billion in sales a year ago. The Week in the article U.S. and China agree trade war truce, writes that in return, "China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries", the statement read.

The trade war has seen the United States and China hit each other with escalating tariffs in an attempt to make their domestically made goods more competitive.

The truce was formed following a high-stakes working dinner on the sidelines of the G20 meetings in Buenos Aires, Argentina on December 1, 2018.

"We don't yet have a specific agreement on that", Kudlow said, apparently contradicting Trump's tweet on the matter.

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The US president did not send any subsequent tweets on Sunday explaining which auto tariffs would be removed, and which would be reduced.

"The consensus reached by the leaders of our two countries is to halt the imposition of new tariffs and at the same time the two sides' leaders instructed the economics teams of both sides to intensify talks towards the removal of all tariffs that have been imposed", Geng told a daily news briefing.

Dealing with the central issue of China's forced technology transfers and subsidies "will require time, communication and good-will - a rare trifecta these days", he said. The confusion was exacerbated by the absence of a joint statement from the USA and China following the dinner.

In his Twitter roundup of weekend doings, Trump talked of halting the arms race.

His comments were borne out by figures released on Monday showing that China's factory activity grew slightly in November, though new export orders extended their decline in a further blow to the sector already hurt by trade frictions.

Treasury Secretary Steven Mnuchin said on CNBC the United States and Chinese had "very specific discussions" in Buenos Aires Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.

According to the agreement, the United States and China will not increase or introduce new tariffs for 90 days.

President Donald Trump's Monday morning tweet about the trade deal with China stands in sharp contrast to what's being reported on China's media.

"As far as we can tell, there are big discrepancies between both sides' statements", he said in a research note.

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