China trade war begins to thaw as new tariffs halted

G20 declaration stresses fair sustainable development

Trump past year declared the opioid crisis a public health emergency in the United States and brought up the issue with Xi when the two leaders met in Beijing in November 2017.

There was no immediate USA confirmation of the outcome of the talks, but Chinese state TV said: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue".

China, which has already slapped tariffs on US$110 billion in U.S. goods, is likely to retaliate, ramping up a conflict that has already rattled financial markets and caused forecasters to downgrade the outlook for global economic growth.

Deep divisions between the United States and China surfaced last month at the Asia-Pacific Economic Cooperation summit in Papua New Guinea. The 10% tariffs have been in place since September, and there's been no meaningful progress on talks since then.

The final communique of the G20 came ahead of talks between U.S President Donald Trump and Chinese President Xi Jinping aimed at defusing a trade war.

Once that 90 days is up, the 10% tariffs will increase to 25% if no agreement has been reached. Trump had threatened to do that, and possibly add tariffs on $267 billion of imports, if there was no progress in the talks.

USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

Trump met with Xi in Argentina on Saturday in a bilateral during the G-20 summit.

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. He struck a positive note as he sat across from Xi, despite the USA president's earlier threats to impose new tariffs on Chinese imports as early as the next year.

Xi replied referencing the men's "personal friendship" and that they must cooperate for "world peace and prosperity".

That President Xi agreed to designate fentanyl a controlled substance, meaning that Chinese selling the powerful synthetic drug to the U.S. will be subject to maximum penalties, is also important to President Trump, who has made fighting America's raging opioid epidemic a priority.

The White House said that China would subject fentanyl makers to the "maximum penalty under the law".

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

"This was an incredible and productive meeting with unlimited possibilities for both the United States and China", Trump said in a statement released by the White House.

US President Donald Trump has said he hopes to meet North Korean leader Kim Jong-un in 2019, as early as January or February.

Pompeo says there’s no ‘direct’ connection between Khashoggi murder, Saudi crown prince
This led some lawmakers to call for the U.S.to take a tougher stand against Saudi Arabia. This website is not intended for users located within the European Economic Area.

French leader Emmanuel Macron told reporters that the World Trade Organization, the body that regulates trade disputes, needed to be modernised.

Officials expressed relief that agreement on the summit communique was reached after negotiators worked through the night to overcome differences over language on climate change.

In comments last week, Trump referred to China as "ripping off our country for many, many years".

China's Vice Commerce Minister Wang Shouwen said that China and the United States also decided not to impose new tariffs on other products. Numerous countries have filed litigation at the WTO to contest the levies. The European Union is also pushing for reform at the WTO.

The non-binding agreement, negotiated in all-night talks, capped the two-day G20 summit in Buenos Aries.

A Chinese official meanwhile said "consensus is steadily increasing" but differences remained.

But it stopped short of agreement on the two biggest challenges facing the G20: The future of world trade and climate change.

"By withdrawing from the Paris Agreement, the USA gains itself more emission space and lower mitigation costs while squeezing other countries' emission space and raising their mitigation costs, and this will in turn make it more hard and expensive to achieve the 2 °C target of the Paris Agreement", reads a December 2017 study in the journal Advances in Climate Change Research.

It comes as International Monetary Fund (IMF) director Christine Lagarde urged G20 leaders to urgently de-escalate trade tensions and reverse tariff hikes.

China also pushed back in talks on steel, South Africa objected to language on trade, Australia did not want the statement to be too soft on migration and Turkey anxious it would push too far on climate change, according to the officials.

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.

Leaders attending the G20 summit, however, applauded on Saturday after President Trump signed the joint communiqué at the close of the meeting in Argentina.

Aside from trade and climate change, Russia's seizure of Ukrainian vessels drew condemnation from G20 members.

The Russian leader had a more productive dialogue in Buenos Aires with Saudi Crown Prince Mohammed bin Salman.

Related news:

Hot News

isis-killer-beheading-video-story-top Controversy as Tyson Fury v Deontay Wilder title bout ends in draw
Dec 02, 2018 - 19:43
Former two-weight world champion Andre Ward wrote on Twitter: "A draw, I understand (even tho I feel Fury won by a 2 or 3 rds)". Despite Fury looking like he was knocked out, the Brit managed to get up and finish the fight to the surprise of both fighters.

isis-killer-beheading-video-story-top Murder Charges Against Brother in Mansion Fire Slayings 29 November 2018
Dec 01, 2018 - 20:54
He remains in jail without bail and is scheduled to appear in Monmouth County Superior Court in Freehold, New Jersey, on Friday. They said he set the fire at his own home to destroy evidence and to make it look like the extended family was being targeted.

isis-killer-beheading-video-story-top Magnitude Earthquake in Alaska Triggers Tsunami Warning
Dec 01, 2018 - 20:28
He and many others ran outside, while others sheltered under desks in the conference room where the training was being held. Parts of Alaska near Anchorage were temporarily under a tsunami warning after being hit with a 7.0 magnitude quake .

isis-killer-beheading-video-story-top Nick Jonas and Priyanka Chopra look loved-up at puja ceremony
Dec 01, 2018 - 19:23
The couple love life is going to be an global affair; they chose to give Desi touch alive in all the ceremonies. The Royal Wedding of Priyanka Chopra and Nick Jonas will take place at Umaid Bahwan Palace in Jodhpur.

isis-killer-beheading-video-story-top Liverpool's Mohamed Salah doesn't scare Lucas Digne in Merseyside derby
Dec 01, 2018 - 19:02
With the England global missing, Klopp could turn to one of Fabinho, Naby Keita and Xherdan Shaqiri - three players who are yet to experience a derby since arriving at the club - to fill the void.

isis-killer-beheading-video-story-top Lincolnshire residents urged to show support on World Aids Day
Dec 01, 2018 - 18:59
It comes after Labour MP Lloyd Russell-Moyle announced that he is HIV positive during an emotional speech in the House of Commons. Speaking during an adjournment debate on HIV, he said: "Next year it will be 10 years since I became HIV-positive".

isis-killer-beheading-video-story-top As G20 summit opens, contentious issues loom
Nov 30, 2018 - 15:44
China had already hit the U.S. with $3bn of tariffs in April, in response to USA tariffs on global steel and aluminium imports. Asked Thursday why the two had no meeting scheduled, Trump said: "I would have met with him but we didn't set that one up".

isis-killer-beheading-video-story-top Priyanka Chopra confirms Ralph Lauren is wedding dress designer
Nov 30, 2018 - 15:41
He said, "And I put my drink down, get on one knee-this is in front of a bunch of people-and I say, 'You're real. The bended-knee encounter took place at the Vanity Fair Oscars party past year , he explained.

isis-killer-beheading-video-story-top Barcelona overcome PSV Eindhoven to top Group B
Nov 30, 2018 - 13:46
Ronaldo collected his fifth award previous year , but appears unlikely to retain his crown and move ahead of bitter rival Messi. PSV unlucky not to go into the break at least one goal in front after twice hitting the frame of the goal.

isis-killer-beheading-video-story-top Amazon Web Services goes to space through Lockheed partnership
Nov 30, 2018 - 12:48
Rick Ambrose , executive VP at Lockheed Martin Space, with one of the company's new Verge antennas. AWS will kick off the new service by opening its first two ground stations this week.

isis-killer-beheading-video-story-top Trump barrels into G-20 summit after nixing Putin meeting
Nov 30, 2018 - 11:47
Russian Federation said Ukraine did not have permission to pass between Russia's mainland and the Crimean Peninsula. The Moscow project only became public knowledge after Trump's inauguration as president the following year.

isis-killer-beheading-video-story-top Owner of giant Perth steer named Knickers describes the beast's huge appetite
Nov 28, 2018 - 13:44
But owner Geoff Pearson of Lake Preston in the state's south-west said Knickers was not destined for the barbecue anytime soon. For now, the title for Tallest Steer (living) belongs to a chianina ox named Bellino from Rome.

isis-killer-beheading-video-story-top Video shows gender-reveal mishap that led to 47K-acre wildfire
Nov 28, 2018 - 11:34
Agent Dickey said he attempted to put out the fire but when that failed, he reported it. "I feel absolutely frightful about it". Coronado National Forest spokeswoman Heidi Schewel said she wasn't sure on Tuesday whether that's now in the works.

isis-killer-beheading-video-story-top Tito Ortiz Knocks Out Chuck Liddell In First Round Of Trilogy Fight
Nov 28, 2018 - 11:23
Had he proved victorious on Saturday night, Liddell had shown interest in a fight with current pound-for-pound great Jon Jones . As for Chuck Liddell , the former UFC light heavyweight champions future remains uncertain after the devastating setback .

isis-killer-beheading-video-story-top Mack Brown Hired As UNC's Next Football Coach
Nov 28, 2018 - 11:20
Brown, who is now an analyst for ESPN, is tied with Coach Bill Dooley for second place in all-time wins at North Carolina. In total, Brown has a career head coaching record of 244-122 in 30 seasons and is 13-8 in bowl games.