Published: Sun, June 30, 2019
Global News | By Blake Casey

Won't Raise Tariffs, China Will Buy U.S. Farm Goods

Won't Raise Tariffs, China Will Buy U.S. Farm Goods

The US president had recently threatened to impose tariffs on an additional $300bn (£236bn) in Chinese imports - on top of the $250bn in goods he has already taxed - extending his import taxes to virtually everything China ships to the US.

In May, Trump signed an executive order essentially banning Huawei because of national security concerns that the company is too closely tied to the Chinese government and that its gear could be used to spy on other countries and companies.

"An agreement that retains most of the tariffs and simply restarts talks is one thing", said Chad Bown, who served on President Barack Obama's council of economic advisers and is now at the Peterson Institute for International Economics.

Trump said the two leaders discussed Huawei as part of their talks.

So the latest U.S. move does not bring a complete end to the dispute. Our belief is that a truce will be declared pending further talks.

The White House accused China of reneging on previously negotiated details.

"We're going to work with China where we left off", Trump said Saturday. "I want to get it right".

Trump said both sides also talked about Chinese students in the United States.

The pushing for structural changes to the Chinese economy on issues such as the transfer of proprietary technologies from U.S. companies doing business in China. What we've done in Silicon Valley is incredible, actually and nobody has been able to compete with it, and I've agreed and pretty easily, I've agreed to allow them to continue to sell that product.

USA microchip makers also applauded the move. China is expected to release a statement later on Saturday, while Trump will address trade friction at a press conference. -China relationship featuring coordination, cooperation and stability, expressing confidence that his meeting with Xi will give a strong boost to the development of U.S.

"This is a big concession to China", said Wendy Cutler, a veteran USA trade negotiator now at the Asia Society.

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Rapinoe expressed similar sentiments about any potential White House visit earlier this year, as did teammate Alex Morgan. It was the 181cm defender's fourth World Cup goal and gave the home crowd at the sellout Parc des Princes hope.

"I think it's something that's actually very easy to do". "If we make a deal, it will be a very historic event". "And then ... something happened where it slipped a little bit".

Trump's move on Saturday to concede ground on Huawei adds to the evidence he'd rather cut deals than start wars. But then US officials accused their Chinese counterparts of reneging on commitments they'd made earlier, and talks broke down.

The United States will keep in place a 25 percent duty on $250 billion of Chinese goods that Trump imposed earlier. Trump views Saudi Arabia as the lynchpin of U.S.' Middle East strategy to counter Iran.

China has lashed back with tariffs on 110 billion United States dollars (86 billion) in American goods, focusing on agricultural products in a direct and painful shot at Trump supporters in the U.S. farm belt. But he added that one basic fact has remained the same. China and the United States both benefit from cooperation and lose in confrontation.

"At the news conference in Osaka, Trump added that the US will give China a list of agricultural goods to buy".

"This is a truce for now - for Xi, ahead of the Communist Party celebrations in October and for Trump, dependent on how his re-election campaign progresses", said Diana Coyleva, chief economist at Enodo Economics.

In his opening remarks, Trump also spoke of his fondness for Chinese culture.

"We're totally open to it, and I know you're totally open to it."
"Chinese culture is an incredible culture". Collectively, G-20 members represent more than 80 percent of the world's GDP (gross domestic product).

Economists say that a lengthy trade war could be crippling for the global economy at a time when headwinds including increased geopolitical tensions and Brexit are blowing hard.

Other focal points were energy, innovation, workforce development, quality infrastructure, and women's economic empowerment.

"In the joint statement issued in February 2017, Prime Minister Abe and President Trump confirmed that the Japan-U.S. alliance based on the security treaty is the foundation of peace, prosperity and freedom in the Asia-Pacific region", he told reporters at a briefing.

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