Chinese FM: Xi-Trump meeting indicates direction of two countries' relations

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The meeting was the first face-to-face encounter between the leaders in more than a year, a period that saw Trump impose tariffs on billions of dollars in Chinese imports in a bid to force Beijing to halt trade practices the US considers unfair. Both the China and US have placed a 90 day timeframe on completing a deal.

President Donald Trump meets with China's President Xi Jinping during their bilateral meeting at the G20 Summit, Saturday, in Buenos Aires. Wang Shouwen, China's vice minister of commerce, said both sides will step up negotiations on eliminating the 10 percent tariff, according to Chinese state media outlet China Daily.

China, which has already slapped tariffs on $110 billion in United States goods, is likely to retaliate, ramping up a conflict that is already rattling financial markets and causing forecasters to downgrade the outlook for global economic growth. But after talks that lasted throughout the night, world leaders finally obtained the support of the USA on most issues.

At the dinner, he agreed to designate fentanyl, the deadly synthetic opioid that contributes to America's national crisis, as a controlled substance. Those dueling camps inside the White House have repeatedly confused Chinese leaders trying to figure out what exactly the United States wants.

BUENOS AIRES-President Donald Trump and Chinese leader Xi Jinping on December 1 held a bilateral dinner meeting at the end of the G20 summit in Argentina.

On these issues, US President Donald Trump has taken a stance not shared by most of the other leaders.

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Xi told Trump that only through cooperation could the United States and China serve the interest of peace and prosperity.

The temporary agreement will give both nations time to iron out their differences.

While the Trump-Xi duet riveted most attendees here, the G-20 leaders agreed on a communique that reflected shared ambitions in economic development, finance and trade.

Beijing meanwhile has accused the United States of starting "the largest trade war in economic history".

The communique, issued after their two-day summit in Buenos Aires, also emphasized the importance of reforming the functioning of the World Trade Organization, apparently targeting China's alleged unfair business practices. Paul Ashworth, chief US economist at Capital Economics, notes that if talks fail, tariffs would rise on the $200 billion of goods already on the receiving end, and would be imposed on the remaining $250 billion that are, so far, penalty-free.

Ahead of the G-20, the US planned to increase tariffs on $200 billion in Chinese goods from 10% to 25%, effective January 1. China retaliated with import taxes on soybeans- a major American agricultural export- and cars and liquified natural gas.

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The BRICS leaders went further by pushing back against Trump's unilateralist approach and protectionism, saying, "We reaffirm our full support for the rules-based multilateral trading system, as embodied in the WTO, to ensure transparent, non-discriminatory, open and inclusive global trade".

The closely watched encounter came shortly after the Group of 20 industrialized nations on Saturday backed an overhaul of the World Trade Organization (WTO), the global body that regulates worldwide trade disputes, marking a victory for Trump, a sharp critic of the organization.

The declaration said the multilateral trading system is now falling short of its objectives and there is room for improvement. "President Trump expressed his friendship and respect for Chairman Kim".

"He was a terrific guy and he'll be missed. -China relations that both sides claim victory", said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush.

While neither side issued any immediate statements on the outcome, White House chief economist Larry Kudlow told reporters as he boarded Air Force One that the talks went "very well".

US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

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