China trade war in ceasefire after 'highly successful' G20 meeting

China trade war in ceasefire after 'highly successful' G20 meeting

USA stocks rose on Monday after President Donald Trump and Chinese President Xi Jinping called a truce in the countries' ongoing trade war.

After President Donald Trump announced steep tariffs on all imports of steel and aluminum, China slapped retaliatory tariffs on the U.S. The Trump administration responded with more tariffs targeting Chinese goods, and China replied with more tariffs of its own.

US President Donald Trump and his Chinese counterpart Xi Jinping on Saturday agreed to suspend any new tariffs in the escalating trade war between the world's two largest economies. Had a deal not been struck, tariffs on US$200bn worth of Chinese goods would have risen from 10% to 25% at the start of 2019.

U.S. Trade Representative Robert Lighthizer said last week he was examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 percent that China was charging on U.S. -produced vehicles.

Within the 90-day period, the two countries will endeavor to seek constructive solutions to their disputes in areas such as intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, with negotiations already being underway and China immediately beginning to purchase agricultural products from USA farmers, according to the White House.

The United States agreed not to raise tariffs further on January 1, while China agreed to buy more agricultural products from US farmers immediately. The tariff is now 40 percent.

"(Parties) agreed not to impose new additional tariffs", the Chinese foreign ministry said in a statement.

President Trump ended by saying he hopes, in the near future, President Xi and Russian President Putin can get together with him to discuss ending the uncontrollable arms race.

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Specifically, China highlighted that the two leaders plan to visit each other's countries at some point and that both sides would work toward scrapping all tariffs to reach a mutually beneficial, win-win agreement.

Trump, on Air Force One leaving Buenos Aires, told reporters that if a deal happens with China, "it goes down as one of the largest deals ever made".

Yet Larry Kudlow, the top White House economic adviser, later Monday said that "We don't yet have a specific agreement on that", referring to the auto tariffs.

Regarding the impact on agriculture, Trump claimed Chinese purchases would immediately make farmers "a very BIG and FAST beneficiary", although there is no agreement yet on agricultural issues.

The outcome gives both sides enough to boast of a win without resolving the fundamental differences between them. In the past, the US has acted as a counterweight to China's claims, Now inconsistency in Trump's stance has added to tensions in the region. "China relationship for the time being. the "pause" prolongs the period of uncertainty around the eventual structure of trade relations between the two countries", Goldman Sachs analysts said in a report.

The meeting ran longer than scheduled, ending after more than two hours. Will President Xi be willing to encourage USA technology firms to set up and access similar benefits to Chinese firms, which could possibly threaten the 2025 vision?

"He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations".

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