US, China declare halt to new tariffs

Theresa May will become the first British Prime Minister ever to visit Buenos Aires

Theresa May will become the first British Prime Minister ever to visit Buenos Aires

The G20 Leaders' declaration issued Saturday was heavily influenced by both US policy as President Trump sees it, and by the trade war between the two nations, which affects all the other economic powerhouses at the summit.

With the United States and China locked in an economic dispute that has unnerved global financial markets and weighed on the world economy, Trump and Xi sat down with their aides for a working dinner at the conclusion of a two-day gathering of world leaders in Buenos Aires.

A statement by the White House spokeswoman, Sarah Sanders, issued as Trump was on his way back to Washington, listed concessions the Chinese president was said have made, including stopping Chinese exports to the USA of fentanyl, a synthetic opioid, and the death sentence for convicted traffickers.

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

Mr Trump has reaffirmed his commitment not to boost tariffs on $200bn of Chinese goods to 25% on 1 January.

The deal means Washington has agreed not to raise tariffs on US$200 billion of Chinese goods as it had planned to do on January 1. The news was first reported by Chinese state-run television, and then by Bloomberg in the U.S.

Britain's Finance Minister Philip Hammond arrived Thursday morning and has already participated in a forum in downtown Buenos Aires
Britain's Finance Minister Philip Hammond arrived Thursday morning and has already participated in a forum in downtown Buenos Aires

The two leaders had also "agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture", it said.

"Both parties agree that they will endeavour to have this transaction completed within the next 90 days".

The Chinese government also welcomed the outcome of the talks.

China's Vice Commerce Minister Wang Shouwen said that China and the U.S. also decided not to impose new tariffs on other products.

China and Russian Federation, he said, should work together to strengthen the alignment of the Belt and Road Initiative and the Eurasian Economic Union, and deepen cooperation in trade, finance, energy, technology and other sectors as well as at sub-national levels.

Xi stressed the important guiding role the two countries' heads of state play in advancing the bilateral relationship, suggesting that the two sides keep the tradition of annual presidential mutual visits. China "is open to approving the previously unapproved" deal for U.S. company Qualcomm to acquire Netherlands-based NXP Semiconductors "should it again be presented".

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