Trump suspends three-month plan to increase tariffs on Chinese products | Economy

The White House made the announcement in a statement made after dinner between Trump and Chinese President Xi Jinping at the end of the G20 summit in Buenos Aires. The information has also been confirmed by the Chinese government. The agreement came after a two-and-a-half hour meeting.

Chinese Foreign Minister Wang Yi, present at the meeting, pointed out that it was an "important" agreement, which only revealed that the two sides had agreed to do not apply additional customs duties from January 1st. .

This agreement, quoted by the "Xinhua" state agency, marks the direction of Sino-US relations for the future, which will be based on cooperation "and stability" .

In turn, White House spokeswoman Sarah Sanders explained at the end of the meeting that Trump had agreed to suspend for 90 days his plan to increase by 15 to 25 percent the US tariffs on Chinese products. 200 billion US dollars.

In return, he added, Xi is committed to substantially "increasing" its purchases of "agricultural, energy, industrial and other products".

Over the next 90 days, the two powers will attempt to complete negotiations on trade issues. If there is no agreement at the end of this period, "the 10% tariff will increase to 25%," added Sanders.

While the United States and China were grappling with an economic conflict that shook the financial markets and weighed on the global economy, Trump and Xi sat down with their advisers for a dinner at the 39; issue of a two-day meeting of world leaders. in Argentina.

Chinese Foreign Minister Uang Xi said the trade talks were positive and constructive.

At the beginning of the meeting, Trump told Xi that he hoped that they could achieve "something big" in the trade for both countries. The leaders ended their talks, while Trump was traveling to the airport for Saturday's departure for Washington.

The meeting took place shortly after the group of 20 industrialized countries supported a review of the global body responsible for settling international trade disputes, marking Trump's victory, a harsh criticism of the world. ;organization.

Trump had a positive note when he sat in front of Xi, despite previous threats by the US president to impose new tariffs on imports from China. "We will discuss trade and think that at some point we will be fine for China and for the United States," Trump said when a brief group of journalists was allowed to briefly enter the room.

He suggested that "the incredible relationship" established by himself and Xi would be "the main reason" for advancing the trade.

Xi told Trump that only cooperation would allow the United States and China to serve the interests of peace and prosperity. The world's two largest economies are also increasingly at odds with security in the Asia-Pacific region.

At the same time, Trump resuscitated again with Xi, concerned about the synthetic opioid sent from China to the United States, asking the Chinese leader to place him in a "restricted category" of drugs that could criminalize him.

Earlier this Saturday, leaders of all major economies around the world called for reforms of the World Trade Organization, affected by the crisis, in a final declaration of its summit.

The authorities expressed relief at the agreement on the summit declaration after the negotiators had worked all night to overcome language differences regarding climate change.