Trump Suspends Adding New Tariffs to Chinese Imports

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management said: "The good news is that this truce should be seen as Washington recognising the potential damage on the United States economy if tariffs escalate further".

Under the agreement reached in Buenos Aires, the two countries have 90 days to resolve their differences over Beijing's tech policies. China will be opening up, China will be getting rid of tariffs. "It provides direction for China-U.S. relations in the time to come", Wang said. At June's Group of 7 meeting in Canada, Trump withdrew USA support for the document he had just agreed to, upset about the treatment by his host Justin Trudeau amid bilateral tensions over trade.

US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

In what the White House called a "wonderful humanitarian gesture", the White House said that Xi would crack down on fentanyl, the opioid painkiller largely made in China that is behind an epidemic of U.S. overdoses.

China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%. The editor of the Chinese official Global Times, meanwhile, said that his sources also confirmed that the talks "went well and consensus was reached".

It noted "As we leave Buenos Aires today, we look back on the Argentine Presidency with much appreciation for its significant progress on the core issues spanning the future of work, infrastructure for development, and sustainable food future, with special emphasis on women empowerment and digital economy".

The Saudi crown prince was thumbing his nose at the United States with his chumminess toward Putin and his insistence, despite USA entreaties, to continue exploring the purchase of an S-400 air-defense system from Russian Federation.

In exchange, Trump apparently extracted a vague promise from China to "purchase a not yet agreed upon, but very substantial" amount of American goods.

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In exchange for Trump pausing the planned increase, China agreed to buy a "not yet agreed upon, but very substantial amount" of US goods from the agricultural, energy and industrial sectors, according to Sanders' statement.

Xi avoids further immediate pressure on China's slowing economy, while Trump - scarred by last month's midterm elections that saw the Democrats regain control of the House of Representatives - can ease damage to agricultural USA states that export to China, particularly soybean producers.

The United States and China will carry forward negotiations over a 90-day period; if that period expires without a satisfactory comprehensive agreement - an all too likely outcome - further escalation will take place.

Stakes were high at a meeting between President Trump and President Xi at last week's G20 meeting in Argentina.

But other lawmakers sounded alarms as Trump headed for the G-20 summit, warning him to resist the benefits of what they are concerned might be a "meaningless" pact with Xi.

President Trump expressed his friendship and respect for Chairman Kim.

"The United States, which is the most open economy in the world, does not accept being shackled", the summit's host, Argentinian President Mauricio Macri, told a news conference.

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".

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