Trump says he has "incredible relationship" with Xi

G20: BRICS slam protectionism as China-US trade war dominate summit

Trump meets Chinese leader at G20 summit amid trade war

Uncertainty also surrounded the details of the broader trade war truce struck by the U.S. and China at the G20 summit. The euro rose to $1.1385 from $1.1353.

China has agreed to "reduce and remove" the 40-percent tariff it slaps on new cars imported from the United States, president Donald Trump wrote in a Twitter post. President Trump has changed all that.

President Trump is touting great progress on trade talks with China, following his meeting with the Chinese president at the G20 summit. Some critics of his policy have said that raising tariffs on Chinese goods is likely to increase prices for voters. The US spent 716 Billion Dollars this year.

What was agreed at the G20?


Trump agreed to postpone the raising of tariffs on goods from China worth United States $200 billion from 10 percent to 25 percent, which had been scheduled for January 1.

A proposed cut by China to tariffs on US vehicle imports created confusion in Washington, a day after it was announced by US President Donald Trump.

But again, there was no reference to new purchases in Chinese statements, which only reported that parties wanted to reach a "concrete deal that is mutually beneficial".

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What's missing in China's official statement?

On Air Force One returning from Buenos Aires, the president also told reporters he would move to cancel NAFTA, the trade agreement with Mexico and Canada. Both parties agreed to complete negotiations within 90 days.

The White House statement said China had agreed to purchase a "very substantial" amount of American products, including "agricultural product from our farmers immediately".

Asia stocks had rallied on the news that Washington and Beijing would not impose any new tariffs during a three-month grace period, during which the two sides are meant to finalize a more detailed agreement.

Mnuchin said for the first time there was "a clear path" to reduce the United States trade deficit with China to zero. It should be according to the scheduled 90 days, no agreement, there will be an increase in the customs duties.

On the non-trade issues, Beijing was more open, announcing that China will tighten supervision of Fentanyl and review rules on the drug.

What pushed the two sides to the table?

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China "is open to approving the previously unapproved" deal for US company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".

But the US leader's tweet alone was sufficient to boost stock prices for European auto giants Daimler AG and BMW, the Reuters news agency noted on Monday. China responded by imposing its own round of tariffs.

Will this resolve the dispute?


Further, the differences between the statements released by the U.S. and China suggest that the two sides hold substantial gaps about expectations for negotiations. The truce in the trade war will offer a space for intense negotiations between the two giants to deal with the bilateral trade issues.

Beijing and Washington now have 90 days to make progress in talks over the main issues, which include U.S. complaints that China forces American companies to hand over technology and steals their intellectual property through hacking.

"Given the complexity of interactions between the two economies, the rest of the world will still be holding its collective breath", it said.

Therefore, President Xi has been under pressure to come home with a deal that won't damage Chinese manufacturers.

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That's surely good news, and it's the first indication since the U.S.

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