Trump to Hold Off on Tariff Hikes Against China, Negotiations Continue

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

The agreement followed the G20 summit in Buenos Aires, as Chinese President Xi Jinping was received by his Argentine counterpart Mauricio Macri for a state visit.

Trump's G20 summit was overshadowed by his abrupt decision to cancel a meeting with Russian President Vladimir Putin.

The White House said China was "open to approving the previously unapproved" deal for US company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".

The United States and China will carry forward negotiations over a 90-day period; if that period expires without a satisfactory comprehensive agreement - an all too likely outcome - further escalation will take place.

"If they cancel the extra 25 percent tariff on USA -made cars, then we will see positive signs for imported cars", Wang Cun, director of the China Automobile Dealers Association's import committee, told reporters in Beijing.

"China's trade and investment practices have prevented US companies from competing on a level playing field and hurt USA workers".

There are also differences in the Chinese and USA accounts of what was agreed.

Joining other forecasters, economists at the Organization for Economic Co-operation and Development last week downgraded their outlook for global economic growth next year to 3.5 percent from a previous 3.7 percent.

If no broader deal is reached within 90 days, the United States said it would hike tariffs on $200bn of Chinese goods from 10 to 25 percent.

Trump has already imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the remaining $200 billion. "It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

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They agreed not to impose new additional tariffs, and instructed the economic teams of both sides to step up negotiations toward the removal of all additional tariffs and reach a concrete deal that is mutually beneficial and win-win.

To add to the growing tension, the USA is now blaming China for the opioid crisis as increasing numbers of Americans are dying after overdosing on synthetic drugs.

What else happened in Buenos Aires?

Speaking to reporters on Air Force One, Trump hailed his agreement with Xi.

The meeting has offered another chance for Trump to get in the room with Xi.

In exchange for Trump pausing the planned increase, China agreed to buy a "not yet agreed upon, but very substantial amount" of US goods from the agricultural, energy and industrial sectors, according to Sanders' statement. Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the US, as a Controlled Substance.

On economic and trade issues, Xi said that it is very normal that the two countries have some disagreements in the fields of economy and trade, adding that the key is to manage their differences properly and work out a solution acceptable to both sides in the spirit of mutual respect, equality and mutual benefit.

President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.

Trump, who in recent months has harshly criticised China and accused it of meddling in USA elections, in the statement called his meeting with Xi "amazing and productive".

However the USA trade representative, Robert Lighthizer, said he would be surprised if Mr Trump's working dinner with Mr Xi "wasn't a success".

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