US, China reach 90-day truce in their trade dispute

G20 leaders summit in Buenos Aires

The Chinese agreed to buy a substantial amount to US agriculture, energy and industrial goods, although the amount has not been finalized, according to the White House.

Trump and Xi, who were in the Argentinian capital over the last two days for a summit of G20 countries, had gone into the meeting in a bid to pull the world's top two economies from the brink of a full-fledged trade war.

If the latest effort encounters the same roadblocks, Trump said he will proceed with his previous plan to raise tariffs on $200 billion in Chinese products to 25 percent from 10 percent, which was to have taken effect on January 1. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the USA, she said.

The two sides would also launch new trade talks to address issues including technology transfer, intellectual property, non-tariff barriers, cyber theft and agriculture, it said. Both the China and US have placed a 90 day timeframe on completing a deal. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 per cent tariffs will be raised to 25 per cent".

Beijing meanwhile has accused the United States of starting "the largest trade war in economic history".

Xi expressed openness to approving a previously unapproved Qualcomm-NXP deal, should it be presented to him again, it said. Trump had warned that a disappointing outcome could prompt more USA tariffs.

The White House in turn did not immediately elaborate on any details of the meeting, besides economic adviser Larry Kudlow telling reporters that the dinner went "very well".

The tariffs roiled financial markets and worldwide supply chains.

China will import more marketable products from the United States in efforts to gradually ease imbalances in two-way trade, said Wang.

The 90-day talks deadline falls just days before China's annual meeting of parliament in the first week of March, a politically sensitive time for Beijing.

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He said: "Xi is a coldblooded calculator of China's - and his own - interests".

After months of sabre-rattling, however, Trump praised an "amazing and productive" meeting with Xi at the G20 on Saturday, and Chinese state mouthpiece Xinhua news agency said the outcome in Buenos Aires "needs to be cherished".

The meeting has offered another chance for Trump to get in the room with Xi.

Daniel M. Price, a former trade adviser to President George W. Bush told The New York Times that "a halt in the tariff wars will be welcome", however he explained that it wouldn't "alter the fundamental collision course that Trump and Xi seem to be on".

"It's an incredible deal", Trump said.

"President Trump's agreement yesterday with President Xi of China is the single most important step that could be taken to stop the flow of deadly fentanyl, a synthetic opioid, from China into the United States".

Experts said that the important meeting sends a positive signal in the development of China-U.S. relations, one of the most important bilateral ties in the world.

The White House announced it would hold fire on raising tariffs on $200bn (£156bn) worth of goods from China.

Trump has been demanding China to drastically reduce the United States dollars 375 billion trade deficit and ensure IPR production for U.S. technology and services.

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