US, China reach 90-day ceasefire in trade dispute


In July, Qualcomm - the world's biggest smartphone-chip maker - walked away from a $44 billion deal to buy NXP Semiconductors after failing to secure Chinese regulatory approval, becoming a high-profile victim of the Sino-U.S. trade dispute.

At the table, Trump announced his plane would fly to Houston, in the state of Texas, after the return of Air Force One from Argentina, to transport Bush's casket to Washington.

The US, which has already slapped tariffs on $250 billion of Chinese products, has also threatened Beijing with an additional $267 billion in levies unless China shows a willingness to close the massive trade deficit.

Chinese President Xi Jinping and his USA counterpart Donald Trump reached important consensus Saturday night at their working dinner, said Chinese State Councilor and Foreign Minister Wang Yi. He'd threatened, however, to raise the tariffs on the $200 billion to 25 percent, starting January 1.

Trump, as often in his diplomatic dealings, appears to consider his personal chemistry with Xi the most important factor in the success of the negotiations. "I think really the headline story is on trade reform".

In his remarks, the Chinese president noted, "it's been a long time since our previous meeting and a lot of things have taken place".

The leader of communist China has in turn cast himself as a defender of stable global capitalism.

The statement also omitted pledges by the G20 to fight protectionism and uphold multilateral trading rules, which used to be a mainstay of the world´s leading economies pre-Trump.

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FILE - Plastic bags of fentanyl are displayed at the U.S. Customs and Border Protection area at the International Mail Facility at O'Hare International Airport in Chicago, Nov. 29, 2017.

Trump has accused China of rampant theft of U.S. technology and demanded that the emerging power end its requirements that foreign companies team up with local partners.

The state-run China Daily said that the Pacific powers could strike a deal in Buenos Aires but warned the United States against pushing too hard on technology. "China relations that both sides claim victory", said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush. "Both sides avoided the worst-case scenario".

Trump counted a victory Friday for his brash strategy as the United States, Canada and Mexico signed a new trade deal, a successor to the North American Free Trade Agreement. The G20 will issue a report during 2019 when Japan will have the presidency over the summit, finalizing the report by 2020.

With Trump feuding with close U.S. allies, not least on climate change, two major summits this year ended without once-routine statements - those of the Group of Seven democracies and the Asia-Pacific Economic Cooperation forum. He said lawmakers can choose between the replacement, the United States-Mexico-Canada Agreement, or nothing. The statement papered over deep division between member nations, including Mr. Trump's opposition to the Paris climate accord.

Trump called off talks with Putin at the G20 summit, officially due to outrage over Moscow's naval skirmishes with Ukraine.

Xi's reaction to Trump's opening remarks, in which the USA president expressed confidence that outcome would benefit both countries, was also noteworthy, according to Klein.