US, China declare halt to new tariffs

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

The news is likely to bring cheer Monday to global financial markets, which have been sensitive to the escalating trade battles between China and the United States.

The statement said that Xi, "in a wonderful humanitarian gesture, has agreed to designate fentanyl as a controlled substance, meaning that people selling fentanyl to the United States will be subject to China's maximum penalty under the law".

The U.S. also reaffirmed in the document its decision to withdraw for the Paris Climate Change accords, stating that it was committed to "economic growth and energy access and security, utilizing all energy sources and technologies while protecting the environment".

The statement included the leaders' commitment to an open and flexible financial system based on agreed global standards, finalization of the agreed financial reform agenda and an assessment of its impact. "The system is now falling short of its objectives and there is room for improvement".

The G20 supports "the necessary reform of the WTO to improve its functioning".

"The fact that we lost a president really puts a damper on it", Trump said of Saturday evening's dinner. China will be opening up.

The United States, along with the European Union and Japan, has been seeking the reform of the WTO, established in 1995, to reflect developments in the global economy and ensure transparent and open worldwide trade.

The two leaders struck the agreement during a roughly 2.5-hour dinner on the sidelines of the summit of G-20 leaders, personally tackling several of the greatest irritants in the U.S.

"We will continue to tackle climate change, while promoting sustainable development and economic growth", the statement said.

China's President Xi Jinping, center, and members of his official delegation, listen to President Donald Trump speak during their bilateral meeting at the G20 Summit, Saturday, Dec. 1, 2018 in Buenos Aires, Argentina.

Wang made the remarks at a briefing on the closely-watched Xi-Trump meeting concluded earlier in the day, after the closing of the G20 summit in the Argentine capital city.

USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

At their summit a year ago, the G20 nations agreed in a joint declaration that they will "continue to fight protectionism including all unfair trade practices and recognize the role of legitimate trade defense instruments".

Take a look: Will Trump and Xi agree to a ceasefire in US-China trade war?

President Trump stated: "This was an awesome and productive meeting with unlimited possibilities for both the United States and China". They had been scheduled to increase to 25 per cent from 1 January of the new year, but will now remain at the current 10 per cent rate.

Saudi Arabia's de facto ruler arrived amid controversy over the killing of Saudi journalist Jamal Khashoggi, though Saudi officials have said the prince had no prior knowledge of the murder.

Saudi Arabia plays an important role in stabilizing the global economy and is a key player in the stability of oil markets globally. "China will be buying massive amounts of products from us". Also on Wednesday, U.S. Trade Rep. Robert Lighthizer criticized China for imposing 40 percent tariffs on U.S. auto imports, compared to the 15 percent it imposes on auto imports from other country, calling tariffs "egregious".

The Chinese leader echoed Trump and said the meeting was "a manifestation of a personal friendship".

The dinner was moved up by about an hour after USA leader's schedule opened up on Saturday. "We urge the digital industry to work together to fight exploitation of the internet and social media for terrorist purposes", read the declaration.

Here's the conundrum for Xi: Trump is right about many trade abuses, a problem other Chinese trading partners also complain about.

"We're getting along very well".

"I hope they understand that", he said. I think we'd like to. "We'll see what happens". But after talks that lasted throughout the night, world leaders finally obtained the support of the US on most issues.

The White House called the meeting "highly successful", saying the US will leave existing tariffs on $200 billion of Chinese goods at 10 percent and refrain from raising that rate to 25 percent as planned on January 1.

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

While Mr Trump has drawn praise for finally taking on China, his methods have raised fears of a deeper and wider trade war that would eventually cost more jobs than it creates.

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