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BREAKING: Trump Reaches Historic Trade Truce With China

After in-person talks, President Trump has reached a historic trade truce with China.

Over the weekend, President Trump met Xi for the first time in a year to discuss trade and diffuse escalating tensions.

https://twitter.com/jeneps/status/1068972940316852225
Per Jennifer Jacobs, Trump has agreed that he’ll leave the tariffs on $200B worth of product at the 10% rate, and not raise it to 25% “at this time.”

China agreed to purchase a “very substantial” amount of agricultural, energy, industrial and other products to reduce the trade imbalance, per WH

China “has agreed to start purchasing agricultural product from our farmers immediately,” Sarah Huckabee Sanders says.

China, the world’s dominant importer of soybeans, has been shunning U.S. beans and the 2018 harvest has been piling up, unsold.

From South China MorningPost

The state-run China Daily and Chinese international broadcaster CGTN both said Trump and Xi agreed to not add additional tariffs “after January 1” – when Washington was set to raise the tariff rate on US$200 billion of Chinese imports from 10 per cent to 25 per cent.

Details of trade truce agreement, including what concessions China made, were not immediately available.

The White House did not immediately comment on the outcome of the meeting on the sidelines of the G20 summit in Buenos Aires. Senior Trump adviser Larry Kudlow told reporters that the talks went “very well”, but would not elaborate.

Dinner discussions about de-escalating tensions between the world’s two largest economies lasted an hour longer than expected.

Both sides appeared satisfied at the end of the gathering, with applause heard in the room as the dinner drew a close.

As he was preparing to sit down with Trump, Xi was quoted as saying that he was “very happy” to be meeting with his US counterpart after the conclusion of the Group of 20 summit, and that he saw the occasion as an “opportunity to exchange views”.

“Xi Jinping said at the beginning that he was very happy to meet with the president,” China’s state news agency Xinhua reported shortly after the bilateral meeting began in Buenos Aires, Argentina.

“Since the last meeting, there have been many new changes in the world situation. As two big countries, China and the United States have important influences and share important responsibilities in promoting world peace and prosperity,” the report quoted Xi as saying.

“Cooperation is the best choice for both sides. I would like to take advantage of the opportunity tonight to exchange views with the president on issues of common concern and plan for the next phase of Sino-US relations.”

The dinner between Trump, Xi and their top aides, who were all served grilled sirloin steaks paired with a malbec from the Argentine winery Catena Zapata, could lead to a de facto trade truce between their nations or an escalation of the months-long dispute that has roiled global markets and darkened global economic prospects.

Shortly after the meal ended, the White House released a statement with comments the two presidents made before entering the dinner venue, quoting Trump as saying his relationship with Xi was “very special”.

“I think that is going to be a very primary reason why we’ll probably end up – ending up getting something that will be good for China and good for the United States,” Trump said.

The White House statement included Xi’s comments as reported by Xinhua.

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