Donald Trump says US-China relations make 'BIG leap forward'

CHINE NOUVELLE  SIPA  Newscom

CHINE NOUVELLE SIPA Newscom

It was announced on Saturday after President Trump and Chinese leader Xi Jinping met over dinner that the two countries agreed upon the 90-day truce in order to work out trade differences.

The two leaders also agreed to immediately start talks on structural changes with respect to forced technology transfers, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, the White House said.

Left out of Chinese media statements is the US claim that a tariff deal is conditioned on the two countries resolving key issues within 90 days.

Xi and Trump agreed to "have further exchange of visits at an appropriate time", Wang said.

The biggest headline is that both sides have agreed to temporarily hold off on the implementation of new tariffs. -China trade spat following a detente he agreed to over the weekend with his Chinese counterpart. China recognizes that the rest of the world does things differently [when it comes to reform and opening up]. But imported vehicles only got a small share in the market because more than 85 per cent of the models sold in China are assembled inside the nation through joint ventures.

On Air Force One returning from Buenos Aires, the president also told reporters he would move to cancel NAFTA, the trade agreement with Mexico and Canada. This includes tariffs on USA auto imports, which China raised from 10 to 40 per cent in July. Trump has threatened to go ahead with that and possibly add tariffs on $267 billion of imports if there is no progress in the talks.

Trump has appointed Lighthizer, one of the administration's most vocal China critics, to oversee the new round of trade talks with China, a White House official and a USA official told Reuters on Monday.

The encounter came shortly after the Group of 20 industrialised nations backed an overhaul of the World Trade Organisation (WTO), which regulates global trade disputes, marking a victory for Trump, a sharp critic of the organisation.

After the meeting between Trump and Xi however, the White House said the deal could be back on.

At the dinner, however, he was more upbeat, saying that his ties to Xi were "a very primary reason" for considering a deal possible.

The United States and China are locked in a dispute over their trade imbalance and Beijing's tech policies.

Beyond trade, Washington and Beijing find themselves increasingly entangled on hard-to-resolve issues. China also will make fentanyl, a deadly synthetic opioid, a controlled substance, the White House said. Trump and the leaders of those countries signed an updated trade deal, the U.S. -Mexico-Canada Agreement, or USMCA, at the G-20.

"We'll be discussing trade and I think at some point we are going to end up doing something great for China and great for the United States", Trump said.

On Twitter, he said farmers would be a "very BIG and FAST beneficiary" and described the meeting with Chinese President Xi Jinping as "extraordinary".

China said, according to the White house to buy more American goods, including agricultural products. Most of the Christmas gifts sold in the United States, including toys and home appliances, are imported from China.

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