The leaders of the world's largest economic powers on Saturday backed an overhaul of the global body that regulates worldwide trade disputes, ahead of high-stakes talks between US President Donald Trump and Chinese President Xi Jinping aimed at defusing a trade war.
While the Trump administration emphasized trade issues such as a 90-day moratorium on raising tariffs and Xi's concession to buy "very substantial" amounts of US goods, China focused on diplomacy, regional issues and an agreement to try to quickly resolve their differences. In a statement from the White House, China has agreed to immediately start purchasing agricultural products from USA farmers.
A White House statement said both sides would immediately begin talks over a wide range of issues, including forced technology transfers, intellectual property protection, non-tariff barriers and cyber intrusions. Both parties agree that they will endeavor to have this transaction completed within the next 90 days.
Chinese president Xi Jinping will send a special envoy to attend Mexico's presidential inauguration, following the Chinese leader's talks with Donald Trump at the G20 summit.
China's state-run media cautiously welcomed the Buenos Aires agreement. "But I will just tell you, as an involved participant, we expect those tariffs to go to zero".
Tyson Fury v Deontay Wilder
Wilder looked like he wanted to attack Fury's body early then went head hunting in the middle rounds without much success. I just showed the world tonight, everyone suffering with mental health, that you can come back and it can be done.
The US trade deficit with China was US$335 billion a year ago and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.
But the USA leader didn't specify when the change would happen or what the new tariff level would be, CNN reported on Monday. Trump said on Twitter. -China trade deal would immediately allow American farmers to sell more of their products to Beijing.
While Washington touted the immediate increase in Chinese purchases of U.S. agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products. But imported vehicles only got a small share in the market because more than 85 per cent of the models sold in China are assembled inside the nation through joint ventures. The tariff is now 40 percent.
China and the U.S. now have 90 days to come to a wider trade agreement.
He gave no further details and there was no immediate response from the Chinese government. Earlier this year, for example, Trump approved a US$330 million arms deal with Taiwan, following up on a previous deal of $1.3 billion.
Many U.S. importers of Chinese bike goods have been hustling since this spring to move production out of China, either to other low-priced Asian countries or to the U.S. But in many cases, manufacturers said such moves can take years to complete.
Trump noted that he will be departing for Washington, D.C. once the dinner concludes and that following his arrival, the presidential aircraft Air Force One will be reset and sent to Houston, Texas, where it will bring the remains of the late president George H.W. Bush to Washington for his state funeral.