G20 leaders agree on summit statement that's tough on trade

Argentine president opens G-20 Summit

Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue

Beijing hopes to persuade Trump to abandon plans to hike tariffs on $200 billion of Chinese goods to 25 percent in January, from 10 percent at present.

Mike Starkey offloads soybeans from his combine as he harvests his crops in Brownsburg, Indiana, Sept. 21, 2018.

The US and China have been locked in a dispute over their trade imbalance and Beijing's push to challenge US technological dominance.

President Trump left the G-20 summit in Argentina with an agreement not to raise tariffs in the next 90 days on Chinese goods, the White House said.

Here's the conundrum for Trump: He has promised to lower the US trade deficit with China and force China to open its market to more American products. The leaders agreed to pause the introduction of new tariffs and intensify their trade talks, Chinese Foreign Minister Wang Yi told reporters hours later in Buenos Aires.

Trump-Xi Dinner Offers Chance to Avert Deeper U.S.

The Chinese, as they have done many times before, have also agreed to talk with the administration about their technology transfer and cyber crime concerns - and do more to stop the flow of fentanyl into the U.S.

The announcement was made by White House spokeswoman Sarah Sanders on Saturday as the summit closed.

China and the United States agreed to a ceasefire in their bitter trade war on Saturday after high-stakes talks in Argentina between U.S. President Donald Trump and Chinese President Xi Jinping, including no escalated tariffs on January 1.

The US president is prone to take kindly to others when he meets them face to face. "Only with cooperation between us can we serve the interest of both peace and prosperity", he said.

The temporary agreement will give both nations time to iron out their differences.

The dinner between Trump and Xi lasted almost two-and-a-half hours - an hour longer than expected, according to the South China Morning Post.

But the USA reiterated its withdrawal from the agreement, "and affirms its strong commitment to economic growth and energy access and security".

The United States and China reached a 90-day ceasefire in a trade dispute that has rattled financial markets and threatened world economic growth.

China's Vice Commerce Minister Wang Shouwen said that China and the U.S. also decided not to impose new tariffs on other products.

China, in response, had been threatening to impose taxes on an additional 5,000 types of American imports worth about $60 billion.

Earlier in the day, the G20 leaders agreed to reform the World Trade Organisation, a big win for Trump who has heavily critisised it.

Trump and Xi were set to talk over dinner Saturday at a summit of world leaders in Argentina.

The G20 sees the multilateral trading system is "currently falling short of its objectives and there is room for improvement", the document showed, adding it pledged to "use all policy tools to achieve strong, sustainable, balanced and inclusive growth".

"He was a terrific guy and he'll be missed".

Trump, however, said that he had read some of the report but didn't think it was worth highlighting. He did not respond to a reporter's question about whether he regrets his past criticism of the 41st president, and his son, George W. Bush, who was the 43rd president.

In a tweet, Trump says he was "very much looking forward" to speaking with the news media before leaving the summit in Buenos Aires "because we have had such great success in our dealing with various countries and their leaders at the G20".

The Chinese have always been willing to buy more U.S. goods, help fight fentanyl abuse, and launch trade talks, said Dr Bonnie Glaser, senior adviser for Asia and the director of the China Power Project at the Centre for Strategic and International Studies.

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