Trump-Xi consensus reached on trade but statements differ — Global Geopolitical Series

Xi Jinping donald trump g20

Xi Jinping donald trump g20

The Chinese have agreed to increase imports from the USA substantially, including immediately buying more US agricultural products (most likely including soy beans); approve the Qualcomm-NXP deal should the case be presented again, and put Fentanyl as a controlled substance to help US fight on the opioid epidemic.

China and USA declared a 90-day trade truce on Saturday after talks between Chinese President Xi Jinping and his United States counterpart Donald Trump on the sidelines of the G20 summit in Argentina.

Chinese President Xi Jinping (R) meets with his US counterpart Donald Trump in Buenos Aires, Argentina, Dec. 1, 2018. "But the details of that still need to be negotiated", Mnuchin told CNBC. A Heritage Foundation analysis of data put soybeans as the most important crop, being 63% of agricultural exports to China.

William Zarit, chairman of the American Chamber of Commerce in China, said the auto announcement, if confirmed, was "certainly movement in the right direction, and hopefully a sign of more things to come". Trump said, however, "We are dealing from great strength, but China likewise has much to gain if and when a deal is completed".

Xi Jinping
Xi Jinping

Mr Trump had earlier said the pair shared a "very special" relationship.

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"Deeply contentious thornier structural issues such as forced technology transfer remain unresolved", he told the Reuters news agency.

However, he has faced fierce criticism from USA business groups, as the tariffs lead to reduced exports of crops such as soybeans, while raising costs for businesses that rely on Chinese imports.

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China has also agreed to buy an unspecified but a substantial amount of domestic products to help narrow the trade deficit the United States has with China.

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on US companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added. All told, synthetic opioids were involved in approximately 30,000 overdose deaths in 2017 - so reducing their presence in the USA should be a priority, Haffajee says.

Trump has already imposed tariffs on more than $250 billion in Chinese goods - about half of the total imported into the United States each year - in an attempt to pressure Beijing to change its trade rules.

The appointment of Lighthizer may signify a harder line in talks with Beijing and marks a shift from past practices where Mnuchin had a lead role.

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The US trade deficit with China was Dollars 335 billion a year ago and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal. The Trump Administration has also made it a priority to crack down on the flow of fentanyl-like substances from China, which may enter the country either directly through the mail, or indirectly via cartels.

Many US automakers build their cars in China, but for some the tariff hikes have hit sales.

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