Donald Trump Says He Has "A Very Special Relationship" With Xi Jinping

The German Chancellor Angela Merkel during her meeting with President Macri

The German Chancellor Angela Merkel during her meeting with President Macri

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

Trump has already imposed new tariffs on about $250 billion worth of Chinese imports, roughly half of all goods China imports to the USA every year. Both the China and US have placed a 90 day timeframe on completing a deal.

"We'll see what reactions we get in the next few months", to the WTO reform call in the communique, G-20 host Mauricio Macri, the president of Argentina, told reporters, adding, "there is clearly a need for dispute mechanisms that are more agile".

During their two-and-half hour dinner meeting, the two leaders had constructive and positive discussions on the economic and trade issues.

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.

It's unclear how the market will react to the news, given last week's massive rally. If those negotiations aren't successful, then it's tariff time.

China's President Xi Jinping, center, and members of his official delegation, listen to President Donald Trump speak during their bilateral meeting at the G20 Summit, Saturday, Dec. 1, 2018 in Buenos Aires, Argentina.

Aboard Air Force One, the president told reporters that he would formally terminate the 24-year-old North American Free Trade Agreement in a political gamble created to force wavering lawmakers to back his replacement treaty dubbed the United States-Mexico-Canada Agreement, or USMCA.

Under the agreement, Trump is shelving a plan to raise existing tariffs of 10 per cent to 25 per cent from the start of next year.

And that is important for President Trump as Chinese tariffs were affecting his power base, the rural heartlands of the Midwest which export commodities like soya beans and sorghum to China.

USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, which is 50 times more powerful than heroin.

The Trump-Xi meeting is set to be the marquee event of Trump's whirlwind two-day trip to Argentina for the Group of 20 Summit after the president cancelled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine.

China has already slapped tariffs on $110 billion in US goods.

Mack Brown reportedly returning as North Carolina coach
Brown would replace Larry Fedora, who was sacked after seven seasons and a 45-43 record, including a 2-9 mark this season. Texas went 8-4 this year and Brown's final game will be the December 30 Alamo Bowl against Oregon.

He suggested that the "incredible relationship" he and Xi had established would be "the very primary reason" they could make progress on trade, though he offered no sense of how they might resolve the main issue dividing their countries. "Only with cooperation between us can we serve the interest of both peace and prosperity", he said. The world's two biggest economies have also increasingly been at odds over security in the Asia-Pacific region.

That President Xi agreed to designate fentanyl a controlled substance, meaning that Chinese selling the powerful synthetic drug to the USA will be subject to maximum penalties, is also important to President Trump, who has made fighting America's raging opioid epidemic a priority.

The White House also says China has agreed to buy more American goods, although it did not specify how much.

As the professor explained, the trade war, among other things, "affected investors' confidence on China's economic future", while US President Donald Trump "faces re-election challenge in less than two years" and "is eager to score points on economy".

Xi has in turn cast himself as a defender of stable global capitalism, a startling transformation for the leader of a communist state whose entry into the World Trade Organization less than two decades ago was controversial.

Officials expressed relief that agreement on the communique was reached after negotiators worked through the night to overcome differences over language on climate change.

The economic heavyweight warned that otherwise global growth could slow. But it said the "United States reiterates its decision to withdraw from the Paris Agreement", mirroring the divergence seen past year when Trump shocked the global community by bucking the consensus at his first G20.

Contrary to their treatment of the United States, the G20 leaders placed a requirement on China.

Most U.S. supply of the drug is manufactured in China.

Trump has already imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the remaining $200 billion. Numerous countries have filed litigation at the WTO to contest the levies.

On Climate change, the U.S once again maintained its decision to withdraw from the Paris Agreement, while other members of the group affirmed their commitment to implement the agreement.

International Monetary Fund Managing Director Christine Lagarde said high levels of debt accumulated by emerging market nations was a pressing concern.

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