Four big differences that could endanger Trump and Xi's trade deal

US President Donald Trump said the G20 Summit was a success for America’s interests

US President Donald Trump said the G20 Summit was a success for America’s interests

The Trump-Xi meeting was the marquee event of Trump's whirlwind two-day trip to Argentina for the G-20 summit after the president canceled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine. Neither country had mentioned auto tariffs in their official read-outs of the Trump-Xi meeting. Furthermore, China agreed to start buying more agricultural products immediately - which presumably means scaling back some of its retaliatory tariffs, some of which had targeted Trump voters and more rural industries specifically.

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated.

United States President Donald Trump walked off, waving. China even supposedly agreed to bring its tariffs on USA cars more in line with its duties on automobile imports from other countries. Trump agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% as he previously committed.

"The good news is that this truce should be seen as Washington recognizing the potential damage on the USA economy if tariffs escalate further", said Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management.

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"China right now has major trade barriers - they're major tariffs - and also major non-tariff barriers, which are brutal". China has retaliated with tariffs on $110 billion worth of USA imports.

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.

China has already slapped tariffs on $110 billion in USA goods. The agreement keeps those tariffs at 10 percent for at least the next 90 days while the countries negotiate further. China has retaliated with duties on some $110bn of U.S. goods over the same period.

Both farmers and the auto industry have been struck in the trade war, as the United States and China hit each other with escalating tariffs.

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"It goes down, certainly - if it happens, it goes down as one of the largest deals ever made", Mr. Trump told reporters aboard Air Force One as he returned from Argentina.

However, if during this negotiation period, the two countries fail to reach a consensus, the USA will raise their tariffs to 25 percent, the White House said.

Larry Pizzi, president and head of sales at Accell North America, said, "I am pleased by the postponement of the additional 15 percent tariff increase imposed on (non-electric) bicycles and bicycle parts and accessories, and remain hopeful that this 90 day stay will ultimately prevent the incremental tariff and net positive results for American consumers and the US bicycle industry".

The leaders set a 90-day deadline to reach a more conclusive trade agreement. How willing will China be to allow worldwide access to its huge market, and how threatened do their home companies feel by American trade tariffs?

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"Trump's latest tweets this morning, which touted the benefits of the agreement for U.S. farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.

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