Published: Вс, Декабря 02, 2018
Finance | By Loren Pratt

Trump Meets Chinese Leader to Discuss Trade War

Trump Meets Chinese Leader to Discuss Trade War

Chinese State Councilor and Foreign Minister Wang Yi (C) speaks at a press briefing on the meeting between Chinese President Xi Jinping and his US counterpart Donald Trump that was concluded earlier in the day in Buenos Aires, Argentina, Dec. 1, 2018.

In exchange, China will agree to purchase a "not yet agreed upon, but very substantial" amount of agricultural, energy, industrial, and other product from the USA, to reduce the trade imbalance between the two countries, White House Press Secretary Sarah Sanders said in the statement.

The two world leaders met last night for a dinner meeting to discuss trade at the sidelines of the Group of 20 leaders' summit.

Once again highlighting the "very special" relationship between the leaders, Trump expressed hope that they can reach an understanding that "will be good" for both nations.

His country's economic growth was slowing under the shadow of the months-long trade war, but his body language and that of his delegates presented an image of quiet confidence, according to Klein.

Observers feared that if no progress was made at the Trump-Xi dinner, the USA president would make good on his threat to double the amount of Chinese goods facing punitive taxes, and escalate tariffs to a 25 percent level at the start of the new year.

Earlier on Saturday, the leaders of all the world's top economies called for reforms to the crisis-stricken World Trade Organization in a final statement from their summit.

Trump had previously planned to raise tariffs on certain Chinese goods to 25 percent on January 1, but revoked this plan as a result of the talks.

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At Trump's request, China agreed to label fentanyl a controlled substance due to its contribution to the USA opioid crisis. In response, China slapped taxes on $110 billion in American goods.

"Cooperation is the best option for the two countries" in promoting world peace and prosperity, Xi reportedly told the U.S. president at a working dinner, according to Xinhua. Most of the USA supply of the drug is made in China.

"For the first time ever, the G-20 recognized the WTO is now falling short of meeting its objectives and that it's in need of reform", a USA official, speaking on condition of not being named, told reporters.

As Kudlow said in Washington ahead of the dinner: "If things don't work out in this US-China summit meeting, he will invoke some $267 billion in additional tariffs". He also canceled a Saturday news conference following the death of former President George H.W. Bush.

"It's an incredible deal", Trump told reporters aboard Air Force One, on his way back to Washington.

US companies and consumers are bearing part of the cost of the USA tariffs on China by paying higher prices for goods, and many companies have increased prices of imported goods.

China also conceded to label fentanyl, the synthetic opioid cited in thousands of drug deaths, as a controlled substance and agreed to reconsider a takeover by US chipmaker Qualcomm that it had previously blocked.

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