US, China agree not to raise tariffs on Chinese goods

China's Xi Jinping and Argentina's Mauricio Macri also announced more than 30 agriculture and investment deals

China's Xi Jinping and Argentina's Mauricio Macri also announced more than 30 agriculture and investment deals

Over the next 90 days, American and Chinese officials will continue to negotiate lingering disagreements on technology transfer, intellectual property and agriculture. The deal amounts to a ceasefire in the series of escalating, tit-for-tat tariffs the US and China have imposed on each other's goods throughout the year. They have also agreed to exchange visits at the appropriate time.

European Union officials said that the US had held out on nearly every issue discussed.

"The two presidents agreed that the two sides can and must get bilateral relations right", Wang Yi, China's lead diplomat, told reporters in Buenos Aires. "China will be buying massive amounts of products from us".

There was no immediate USA confirmation of the outcome of the talks, but Chinese state TV said: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue".

U.S. President Donald Trump is meeting with Chinese President Xi Jinping as the countries look for ways to ease an escalating trade war.

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

Trump withdrew his threat to raise the USA tariffs even more on January 1, in return for a promise from China to buy more United States goods and enter into a 90-day period of talks to resolve their differences.

But one thing is clear-the stakes in the negotiations between the USA and China are huge. "The system is now falling short of its objectives and there is room for improvement", the declaration added, calling for further reform of the World Trade Organization (WTO).

President Donald Trump has ordered American flags to fly at half-staff for 30 days to honor former President George H.W. Bush.

The US has already put tariffs on $250bn in Chinese goods, and could slap duties on an additional $267bn in imports, a Reuters' dispatch showed. Trudeau asked Mr. Trump to lower the newly imposed steel and aluminum tariffs.

That President Xi agreed to designate fentanyl a controlled substance, meaning that Chinese selling the powerful synthetic drug to the United States will be subject to maximum penalties, is also important to President Trump, who has made fighting America's raging opioid epidemic a priority.

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The White House said Xi, "in a wonderful humanitarian gesture", had agreed to designate fentanyl a controlled substance.

As the USA administration of President Donald Trump has ramped up trade restraints to protect domestic industries, member countries of the G20, created to discuss economic and monetary policy matters, took into account the insistence of Washington.

Earlier on Saturday, the leaders of the world's top economies called for WTO reform in their final summit statement.

The Saturday night meeting could result in the slowing, stopping or accelerating of those tariffs.

The other key attendees for the U.S., according to the White House, were Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin, White House Chief of Staff John Kelly, U.S. Trade Representative Robert Lighthizer, National Security Adviser John Bolton, the president's son-in-law Jared Kushner (who is a senior adviser) and Larry Kudlow, assistant to the president for economic policy. And he's threatened to expand tariffs to virtually everything China ships to the United States. China calls the United States protectionist and has resisted what it views as attempts to intimidate it.

The two countries are also at odds militarily over China's extensive claims in the South China Sea and USA warship movements through the highly sensitive Taiwan Strait.

With a rise in nationalist sentiment in many countries, the group, which accounts for two-thirds of the global population and 85 per cent of the global economy, faces doubts over its ability to deal with trade tensions and other geopolitical differences among its members. China will be opening up, China will be getting rid of tariffs.

Traveling back to the USA from the G-20 summit in Argentina, Trump told reporters he had struck an "incredible deal".

G20 signatories to the Paris Agreement on climate - which is all of them except the U.S. - pledged the "full implementation" of the pact, which they called "irreversible".

Meanwhile, the USA stood alone as the 19 other countries again pledged to implement the Paris accord to fight climate change.

International Monetary Fund (IMF) Managing Director Christine Lagarde said high levels of debt accumulated by emerging market nations was a pressing concern. China is the world's leading executioner, with drug offenses subject to the death penalty.

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