Pundits Reveal Hidden Aspects of US-China Trade Talks at G20 Summit

Pundits Reveal Hidden Aspects of US-China Trade Talks at G20 Summit

The two countries shoulder increasing responsibilities for world peace and stability, and they have more common interests than differences, said Wang.

The Chinese government's top diplomat, State Councillor Wang Yi, said the negotiations were conducted in a "friendly and candid atmosphere".

The dust has settled in the trade war between the United States and China.

The U.S. -China Economic and Security Review Commission, said in its report that Beijing has been slow to add new categories to the list of prohibited substances. Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the USA, as a Controlled Substance.

The White House is calling the Chinese president's decision a "wonderful humanitarian gesture".

According to a statement issued by the White House, President Donald Trump and Chinese President Xi Jinping held a "highly successful meeting" during the sidelines of the G20 summit in the Argentinian capital.

As Trump economic advisor Larry Kudlow said ahead of the dinner: "If things don't work out in this US-China summit meeting, he will invoke some 267 billion dollars in additional tariffs".

Before the meeting, the US President was optimistic. "China will be getting rid of many of them". But it was also a bet on a deal being reached. The standoff has raised fears among investors and businesses that the global economy could be dragged down by the dispute between the world's two largest economies.

The president also has threatened to extend the tariffs to everything that the US imports from China, which would involve an additional $267 billion in goods.

With this 90-day halt on new tariffs, we are hopeful this comes as a break for farmers and leads to future agreements between the two countries.

China, in response, had been threatening to impose taxes on an additional 5,000 types of American imports worth about $60 billion.

"It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation", it said.

The Group of 20 industrialized nations called for reforms to the crisis-stricken World Trade Organization in a final statement from a two-day gathering in Argentina, marking a victory for Trump's drive to overhaul the trade body. He had already canceled a planned meeting with Russian President Vladimir Putin, and then scrapped an afternoon press conference out of respect for the family of former U.S. President George H.W. Bush, who died late Friday night.

"He was a terrific guy and he'll be missed".

Trump said that "the very important meeting" with Xi would go on, but he noted that Bush's death "really puts a damper on it, to be honest with you".

He said: "The relationship is very special". En route from Buenos Aires on Air Force One, the president told reporters that he would soon notify Congress that he's abandoning the North American Free Trade Agreement.

Although Trump has hailed his tariffs as bringing "billions of dollars" into the USA economy, experts have pointed out that costs have increased for us consumers and many businesses are suffering as a result.

Wang said the two sides also agreed to open market to each other and China will, in the process of its further opening-up, work to gradually resolve the legitimate United States concerns.

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