Published: Mon, December 03, 2018
Worldwide | By Lisa Hogan

Xi ceasefire isn’t enough to resolve their deep divisions

Xi ceasefire isn’t enough to resolve their deep divisions

President Donald Trump and China's President Xi Jinping lead their respective delegatiosn during their bilateral meeting at the G-20 Summit, Dec. 1, 2018, in Buenos Aires, Argentina.

According to a statement issued by the White House, President Donald Trump and Chinese President Xi Jinping held a "highly successful meeting" during the sidelines of the G20 summit in the Argentinian capital.

The United States said Saturday that it agreed in a long-awaited summit with China to suspend new tariffs for 90 days as the two powers seek to end a trade war.

The US also agreed to maintain the 10% tariffs on $200 billionworth of Chinese goods, instead of raising them to 25%, the White House said. Both parties agreed to complete negotiations within 90 days.

Trump also suggested that following their talks, President Xi could now approve a deal for Qualcomm to buy chip rival NXP. The deadly synthetic opioid is responsible for tens of thousands of US drug deaths annually.

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

Take a look: Will Trump and Xi agree to a ceasefire in US-China trade war? Both sides have raised tariffs on billions of dollars of each country's goods.

"We'll be discussing trade and I think at some point we are going to end up doing something great for China and great for the United States", Trump said when a small pool of reporters was briefly allowed into the room.

The Trump administration had threatened to more than double the tariffs it has already slapped on $250 billion worth of Chinese imports, while Xi's government has put targeted tariffs on $110 billion in US goods.

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"We therefore support the necessary reform of the World Trade Organization (WTO) to improve its functioning".

"It is hoped the agreement reached on Saturday will be implemented by the two sides and Chinese and American working teams will meet the expectations of their leaders, normalising trade relations between the countries", it said.

Xi agreed to designate the drug fentanyl as a controlled substance, the White House said.

Earlier the USA president said he had postponed a planned press conference "out of respect for the Bush family", following the death of former President George HW Bush, at the age of 94.

Trump and Xi agreed to "immediately" begin talks on Chinese industrial policies, including coercive licensing of US technology, trade secret theft and non-tariff trade barriers.

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.

It was also agreed that great progress has been made with respect to North Korea and that President Trump, together with President Xi, will strive, along with Chairman Kim Jong Un, to see a nuclear free Korean Peninsula.

Although the US and China agreed to halt the trade war, it wasn't immediately clear whether they had made any progress on the issues that caused it. But it was also a bet on a deal being reached.

In their first meeting since November 2017, the two presidents had a profound discussion that lasted for 2.5 hours, much longer than scheduled, Wang said.

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