Economy

Trump hails US-China relations amid trade detente

Trump hails US-China relations amid trade detente

Trump was set to raise tariffs from 10 to 25 per cent on $200 billion in Chinese goods, starting January 1. Leading up to the G-20, Trump had planned for a bilateral meeting with Russia's Vladimir Putin. But if negotiators can't come to a broader agreement at the end of that time, the tariffs will rise, White House press secretary Sarah Sanders said in the statement.

While Washington touted the immediate increase in Chinese purchases of U.S. farm goods, Beijing's statement was much more open, with no reference to immediate action or to agricultural products.

Beijing has offered limited details regarding the truce deal made during the Trump-Xi meeting in Buenos Aires, a move to downplay China's compromises in the negotiation and to save face in front of its own people. China gets a delay on additional tariffs, while the US gets greater purchases of agriculture goods while retaining leverage to push for more structural changes to the economy. The encounter he saw as a good opportunity to exchange ideas.

As part of the deal, Xi agreed to deliver structural reforms within the next three months.

Trump has already imposed tariffs on more than $250 billion in Chinese goods - about half of the total imported each year - in an attempt to pressure the country to reverse alleged unfair trade practices, such as the forced transfer of intellectual property and massive state intervention in markets.

In July, Qualcomm - the world's biggest smartphone-chip maker - walked away from a $44 billion deal to buy NXP Semiconductors after failing to secure Chinese regulatory approval, becoming a high-profile victim of the Sino-U.S. trade dispute.

The United States is unhappy with what it says is the WTO's failure to hold Beijing to account for not opening up its economy as envisioned when China joined the body in 2001.

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"China right now has major trade barriers - they're major tariffs - and also major non-tariff barriers, which are brutal".

Tough negotiations lie ahead, but Trump was upbeat.

President Trump added: "This was an unbelievable and productive meeting with unlimited possibilities for both the USA and China".

"We all realize that we are indirectly influenced by the fact that Sino-American economic relations are not running as smoothly as a world order needs", she said.

Top executives from German carmakers Volkswagen, Daimler and BMW are to meet Tuesday with senior United States officials at the White House to discuss the situation, the German news agency DPA reported, citing unnamed sources.

He has prided himself on building a good relationship with the Chinese leader, even though he acknowledges it may have trouble surviving the growing crisis.

"With Trump himself having personally negotiated the latest deal, this one has a much greater chance of leading to a lasting truce", he wrote in a research note.