The US President Donald Trump and Chinese President XI Jinping during a meeting on the sidelines of the G20 summit in Argentina agreed to make efforts to conclude a new trade agreement in 90 days. As reported on Saturday, the press service of the White house, after the end of this line Trump intends to raise duties on Chinese goods from 10% to 25%.
“President Trump agreed that he will not raise tariffs for products worth $ 200 billion from 10% to 25% from January 1. China has agreed to buy but not yet established, a fairly significant amount of agricultural products, energy, industrial and other products of the United States to reduce the trade imbalance,” — the press service of the US administration.
“Both sides agreed to make efforts to reach a new agreement in the next 90 days. If by the end of the allotted time the parties do not sign an agreement, the tariffs will increase from 10% to 25%,” the White house stressed.
“This was a terrific and productive meeting with the limitless possibilities for the United States and China. It is a great honor for me to work with President XI Jinping,” said the US President Donald Trump.
The parties also agreed to start negotiations immediately in order to solve the problems in the field of technology transfer, intellectual property protection, non-tariff barriers, cyber attacks and cyber-theft. According to the White house, Chinese leader XI Jinping also agreed to recognize the opioid analgesic fentanyl substance, the turnover of which must be controlled. As the White house explains, this means that people selling fentanyl to American citizens will be prosecuted in China to the full extent of the law.
The meeting of the US President Donald Trump with Chinese President XI Jinping on the sidelines of the G20 summit in Argentina lasted two and a half hours. Before the start of the working lunch, Trump said that his personal relationship with XI Jinping will help countries to conclude a new trade agreement.
From September 24 in the US entered into force a customs duty of 10% on imports from China of goods which total cost is estimated at $ 200 billion. China responded with a tariff of 5% to 10% on imports from the US amounting to $ 60 billion Trump expressed the intention to begin a new phase of implementation of restrictive measures, and if Beijing decides to go on reciprocal steps to impose additional tariffs applied to Chinese goods and services.