Publicado: Ср, Декабря 05, 2018
Financiera | Por Marilu Caballero

China and United States declare temporary truce after Trump, Xi summit

China and United States declare temporary truce after Trump, Xi summit

"However, I will say this: President Xi has never been this involved".

Stock markets in Asia and Europe jumped sharply after Trump and Xi, as leaders of the world's two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other's exports for the next 90 days while they negotiate a detailed trade agreement.

Chipmakers are rallying Monday as investors welcome the tentative truce on the trade war between the United States and China.

The tariffs stem from the Trump administration's demands that China make sweeping changes to its intellectual property practices.

Yet reaching a permanent peace will hardly be easy.

Mr Trump later wrote on Twitter that China would "reduce and remove" tariffs on US-made cars, which had been raised to 40% over the summer as tensions escalated.

These sales irk China because they directly conflict with Beijing's long-standing policy that there is only one Chinese government, and Taiwan is merely a breakaway province that will inevitably be reunited with the mainland.

At a dinner lasting two and a half hours, the United States agreed at the weekend not to raise tariffs further on January 1, while China agreed to purchase more agricultural products from USA farmers immediately.

During the meeting in Buenos Aires, the USA agreed not to increase tariffs on January 1, as had been planned, while China agreed to immediately buy more agricultural products from United States farmers.

Additionally, the United States had previously threatened to slap tariffs on all remaining Chinese exports if no progress was made at the G20 meetings, which would amount to new tariffs on approximately US$267 billion worth of products.

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China has agreed to "reduce and remove" tariffs below the 40% level that Beijing is now charging on USA cars, Donald Trump has claimed, amid a trade war truce agreed by the two countries. China's commerce and finance ministries did not respond to requests for comment yesterday.

Beijing cut import duties on foreign autos to 15 percent in July but added a 25 percent penalty for USA -made vehicles the following month in response to Trump's tariff hikes.

But can China be trusted? China responded with tariffs of its own on various US exports. The Trump administration is "going to have to decide how much progress they need in order to define it as a win". China's silence indicates that the two leaders likely discussed the issue and reached a tentative agreement during their dinner meeting.

In his briefing with reporters, Kudlow said he assumed that the Chinese would eventually drop their auto tariffs altogether.

Even so, the Buenos Aires breakthrough may calm investors who anxious about financial damage from the trade hostilities.

But he tweeted that at "at some time in the future", Xi, Russian President Vladimir Putin of Russia, and he "will start talking about a meaningful halt to what has become a major and uncontrollable Arms Race".

The Dow rose more than 410 points, or 1.65 percent, trading at 25,955 at 9:45 a.m. Such a move would force lawmakers to approve the NAFTA replacement he reached September 30 with Canada and Mexico - or have no North American trade bloc at all.

Lighthizer is an experienced trade negotiator who just completed a new agreement with Canada and Mexico. "China will be getting rid of many of them".

"The work is not done yet", Democratic Sen.

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