Trump Boasts of Relations with Xi, New Trade Deal with China

Trump hails U.S.-China relations amid trade detente

Mr. Trump's tweet on the apparent deal on auto tariffs came a day after the White House said he and Chinese President Xi Jinping had agreed to a truce in the ongoing trade war, and Mr. Trump agreed not to raise us tariffs on Chinese goods any further for several months.

Trump agreed not to raise tariffs rates for the $200 billion worth of Chinese goods from 10 percent to 25 percent as originally planned by January 1, 2019, after the two leaders reached consensus during their dinner meeting in Argentina to start negotiations that would address USA concerns on China's trade practices.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.

While Trump and Lopez Obrador both said they had a "great" first phone call after the latter's landslide victory in July, the two were at odds over the renaming of the updated agreement, with Trump insisting on listing the U.S. before other countries.

"The issues involved for the United States have been basically ignored or glossed-over by the last three presidents", he said. Wang Yi spoke of a "common Agreement "very positive and constructive" conversations".

But he urged caution going into the new year and pointed out that holding back on higher tariffs isn't the same as lifting the ones already in place. Washington accuses China of deploying predatory tactics in its tech drive, including stealing trade secrets and forcing American firms to hand over technology in exchange for access to the Chinese market. The same goes for Trump who is under pressure from USA lobby groups, who have pointed out that higher tariffs would mean higher costs for American manufacturers, leading to higher prices for United States consumers. The breakthrough came after a dinner meeting Saturday between Trump and Xi at the Group of 20 summit in Buenos Aires. President Trump imposed 10 percent tariffs on $200 billion worth of Chinese exports to the United States. Lot's of talk and photo ops, but no real progress.

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. White House economic adviser Larry Kudlow said that the meeting went "very well" in a brief comment to reporters as the Trump delegation left Buenos Aires for Washington.

He gave no further details and there was no immediate response from the Chinese government.

But Trump insisted that the United States was continuing to force China to make important concessions.

Tensions between Washington and Beijing increased in recent weeks ahead of the meeting between Trump and Xi.

At the dinner, he agreed to designate fentanyl, the deadly synthetic opioid that contributes to America's national crisis, as a controlled substance.

Still, analysts cautioned the deal may have only bought some time for more wrangling over deeply divisive trade and policy differences, and said China's economy will continue to cool regardless under the weight of weakening domestic demand.

"My meeting in Argentina with President Xi of China was an extraordinary one", Trump said on Twitter.

"President Xi and I have a very strong and personal relationship".

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