The U.S. and China at the G-20 meet­ing reached a 90day cease-fire on tar­iffs.

Xi-Trump meet­ing at G-20 pro­duces re­sults

Las Vegas Review-Journal (Sunday) - - FRONT PAGE - By Paul Wise­man, Zeke Miller and Cather­ine Lucey

BUENOS AIRES, Ar­gentina

— The United States and China reached a 90-day cease-fire in a trade dis­pute that has rat­tled fi­nan­cial mar­kets and threat­ened world eco­nomic growth. The break­through came af­ter a din­ner meet­ing Satur­day be­tween Pres­i­dent Don­ald Trump and Chi­nese leader Xi Jin­ping at the Group of 20 sum­mit in Buenos Aires.

Trump agreed to hold off on plans to raise tar­iffs Jan. 1 on $200 bil­lion in Chi­nese goods. The Chi­nese agreed to buy a “not yet agreed upon, but very sub­stan­tial amount of agri­cul­tural, en­ergy, in­dus­trial” and other prod­ucts from the United States to re­duce Amer­ica’s huge trade deficit with China, the White House said.

The truce buys time for the two coun­tries to work out their dif­fer­ences in a dis­pute over Bei­jing’s ag­gres­sive drive to sup­plant U.S. tech­no­log­i­cal dom­i­nance.

In an­other long-sought con­ces­sion to the U.S., China agreed to la­bel fen­tanyl, the deadly syn­thetic opi­oid re­spon­si­ble for tens of thou­sands of Amer­i­can drug deaths an­nu­ally, as a con­trolled sub­stance.

The Trump-Xi meet­ing was the mar­quee event of Trump’s two­day trip to Ar­gentina for the G-20 sum­mit af­ter the pres­i­dent can­celed a sit-down with Rus­sian Pres­i­dent Vladimir Putin over ten­sions be­tween Rus­sia and Ukraine. Trump also can­celed a Satur­day news con­fer­ence, cit­ing re­spect for the Bush fam­ily af­ter the death of for­mer Pres­i­dent Ge­orge H.W. Bush.

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

Un­der the agree­ment reached in Buenos Aires, the two coun­tries have 90 days to re­solve their dif­fer­ences over Bei­jing’s tech poli­cies. If they can’t, the U.S. tar­iff in­creases will go into ef­fect on the $200 bil­lion in Chi­nese im­ports.

Trump has im­posed im­port taxes on $250 bil­lion in Chi­nese prod­ucts: 25 per­cent on $50 bil­lion worth and 10 per­cent on the other $200 bil­lion.

Trump had planned to raise the tar­iffs on the $200 bil­lion to 25 per­cent if he couldn’t get a deal with Xi.

China has slapped tar­iffs on $110 bil­lion in U.S. goods.

Pablo Martinez Mon­si­vais The As­so­ci­ated Press

Pres­i­dent Don­ald Trump, cen­ter, and Trea­sury Sec­re­tary Steve Mnuchin, sec­ond from the right, lis­ten to re­marks by China’s Pres­i­dent Xi Jin­ping at the G-20.

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