Economy

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

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

The coming 90 days will at least allow to set targets for further talks, Parker concluded.

Yet solving Washington's problems, such as intellectual property violations, cyber theft and Beijing's state-backed economic model, will take patience and diplomacy.

It remains uncertain how the two sides will resolve underlying U.S. concerns over trade barriers, subsidies and alleged technology theft.

Xi's government has offered sweeteners to defrost what has become an economic Cold War. After the two-and-a-half hour discussion, a statement from the White House announced the United States will leave tariffs on $200 billion (£157bn) worth of Chinese imports at 10% at the beginning of the new year, agreeing not to raise them to 25% "at this time".

Similar proposals have been on the table since last summer.

President Donald Trump and top US officials said on Monday that a trade truce with China will lead to structural changes in Beijing's economic policies, including lower tariffs, lower non-tariff barriers and more market access for USA companies.

Trump agreed to postpone new tariffs on Chinese imports and Xi said China would purchase "a not yet agreed upon, but very substantial" amount of U.S. goods and label Fentanyl a controlled substance.

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.

The agreement so far lacks detail, but allows the US and China an additional 90 days to negotiate an agreement.

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Asian and European markets rose sharply after news of the cease-fire on trade at this weekend's G-20 summit in Buenos Aires, Argentina.

The tariff reduction benefits Daimler and BMW more than US automakers such as General Motors Co. or Ford Motor Co. They have all seen exports to China stall amid rising trade tension.

The US trade deficit with China was $335 billion past year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.

"We don't yet have a specific agreement on that", Kudlow said, apparently contradicting Trump's tweet on the matter. In return, the People's Republic reportedly committed to buy more American farm, industrial and energy goods and tighten restrictions on sales of fentanyl, among other concessions.

In Buenos Aires, they did reach such an accord.

Treasury Secretary Steven Mnuchin said on CNBC the U.S. 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.

Treasury Secretary Steve Mnuchin said on Monday there was a clear shift in tone at Buenos Aires from past discussions with Chinese officials, as Xi offered a clear commitment to open China's markets to US companies. "China's reform and opening-up's broad perspective recognizes that the rest of the world does things differently", it said in its editorial. "As that picture is getting bigger, we can accept those differences while acknowledging them peacefully, and be more active and open-minded in solving problems through interaction".

Ultimately, a meaningful, lasting deal is unlikely in the 90-day window. China's Shanghai composite is up 2.7 percent.


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