The 90-day truce in the escalating trade war between the USA and China came during a dinner meeting between the two presidents following the G-20 summit of the world's biggest economies in Buenos Aires.
Trump agreed to postpone the raising of tariffs on goods from China worth United States $200 billion from 10 percent to 25 percent, which had been scheduled for January 1.
Political analysts pointed out that Trump's willingness to start trade talks with China could have resulted from the domestic political pressure he faced, especially in agriculture-dependent states such as Iowa.
"I'll call them "commitments" at this point, which are - commitments are not necessarily a trade deal, but it's stuff that they're going to look at and presumably implement", Kudlow told reporters at an official White House briefing that followed TV interviews and informal briefings by him and Mnuchin earlier in the day.
If there is any further retaliation, Trump has warned, he will slap punitive duties on the remaining $267 billion in Chinese goods coming to the United States. Wang Yi spoke of a "common Agreement "very positive and constructive" conversations". These decisions might be re-evaluated if the United States agrees to reduce its tariffs, too.
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The company also said the plan would make the company more efficient, saving it $6 billion a year by the end of 2020. The four American plants employ a combined 3,800 hourly and salaried staff, and the Oshawa facility employs 2,200.
In July, Qualcomm - 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-US trade dispute. China recognizes that the rest of the world does things differently [when it comes to reform and opening up].
"Still, one must presume that as the existing and proposed tariffs are to spur China to address the US' IPR concerns, only action directly related to that would ultimately impact the 301 tariffs", he said.
The leaders attended the G-20 summit in Buenos Aires, Argentina.
When Beijing implemented the 40 percent rate for USA imports in the summer, it also dropped its import tariff rate on vehicles from the rest of the world to 15 percent. However, the de-escalation of the trade war will hinder the potential advantage for us as many buyers were turning to Bangladesh instead of China.
The encounter came shortly after the Group of 20 industrialised nations backed an overhaul of the World Trade Organisation (WTO), which regulates worldwide trade disputes, marking a victory for Trump, a sharp critic of the organisation.
On Monday, China's foreign ministry said economic teams in both countries had been instructed to "intensify talks" towards removing all tariffs following the G20 meeting. If they can't, the US tariff increases will go into effect on the $200 billion in Chinese imports.
He suggested that the "incredible relationship" he and Xi had established would be "the very primary reason" they could make progress on trade. Trump had shown itself to be optimistic that something could be achieved, what "will be good for China and good for the United States".
Beyond trade, Washington and Beijing find themselves increasingly entangled on hard-to-resolve issues.
Xi also agreed to designate the drug fentanyl as a controlled substance, the White House said.
However, the truce may well be "less a breakthrough than a breakdown averted", as the New York Times puts it, since China and the U.S. have very different perspectives on even basic issues such as trade policy and market access, and both show little willingness to compromise.
'This was an unbelievable and productive meeting with unlimited possibilities for both the United States and China.
While Washington touted the immediate increase in Chinese purchases of USA agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.
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