US, China agree not to raise tariffs on Chinese goods

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President Trump said last week he was likely to go ahead with a planned tariff hike and reiterated his threats that the United States could impose tariffs on the remaining $267bn of Chinese imports into the country.

Given the seeming gap in the expectations of Washington and Beijing, the track record of Trump in flip-flopping his positions and the Chinese need to preserve "face" in any eventual deal, the safest option is probably to be skeptical about the real-world implications of the G20 meeting.

It made the announcement after US President Donald Trump met China's President Xi Jinping for the first time since a trade war erupted this year.

President Trump had a successful trip to the G20 summit in Buenos Aires - if by successful we mean that his behavior didn't raise the specter of imminent war or generate any other incident that cut into weekend coverage of the death of former president George H.W. Bush. However, if the negotiations fail to bear fruit in the next 90 days, tariffs would be raised to 25 percent.

The more skeptical and jaded of observers may conclude that it seemed Trump and China were once again talking past each other, and in 90 days time Washington and Beijing will find themselves more or less back where they are now. "There's some good signs".

The news comes as Trump mulls a tariff hike on vehicles imported from the European Union. Cohen admitted to lying to Congress about the scope and timetable of his former boss's efforts to build a tower in Moscow.

Chinese Ministry of Foreign Affairs spokesman Geng Shuang (耿爽) yesterday said that the Chinese and United States presidents instructed their economic teams to work toward removing all tariffs.

Macri indicated Trump to come back without any success.

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The US and China have imposed billions of dollars of tariffs on one another's goods, posing risks to global trade and the world economy.

Some lawmakers have criticized Trump for his tough trade talk and actions toward China, including his tariffs and threats of imposing up to $256 billion more in such sanctions if no deal could be reached. Chris Coons, who serves on the Foreign Relations Committee, said this week.

While it remains to be seen if Washington and Beijing can iron out their trade differences, it would be beneficial for both sides' energy sectors to at least reach some sort of deal that would allow the free trade of energy between the two super powers.

Donald Trump shook hands with his Argentine counterpart Mauricio Macri (left) and walked off the stage on Saturday. A Heritage Foundation analysis of data put soybeans as the most important crop, being 63% of agricultural exports to China. "American jobs, American innovation, and long-term American economic prosperity are at stake", Senate Minority Leader Charles E. Schumer, Oregon Sen. Sherrod Brown wrote to the president this week.

Mr Trump had earlier said the pair shared a "very special" relationship. "And I think at some point, we're going to end up doing something which is great for China and great for the United States", Trump told reporters before the meeting. At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments.

Shares of German carmakers Daimler AG and BMW AG rallied Monday morning after the USA trade deal with China.

However, "we remain skeptical of a substantial trade deal between the two economic giants".

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