Wednesday, 19 December, 2018

Trump-Xi consensus reached on trade but statements differ — Global Geopolitical Series

США и Китай G20: BRICS slam protectionism as China-US trade war dominate summit
Kelvin Reese | 06 December, 2018, 05:04

As part of the deal, Xi agreed to deliver structural reforms within the next three months. Despite the positive talks so far, these policies will likely cause the most issues nearing the 90-day deadline.

In exchange, the two countries agreed to re-start talks on the U.S. concerns that triggered the dispute, including "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft", according to the White House.

Under the agreement, Trump will hold off on his vow to increase USA tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on January 1.

The timetable for China's lowering of tariffs below 40 percent remains unclear.

The tweets come as the president said China would commit to removing heavy auto tariffs on USA made cars.

China-made e-bikes and e-bike motors will remain subject to the 25 percent tariff imposed in August.

10 percent tariffs on US$200 billion worth of goods, effective September 24, 2018. He said he hopes China will criminalize fentanyl, the synthetic form of opioids largely shipped from China.

"Trump's latest tweets this morning, which touted the benefits of the agreement for United States farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.

'China is willing to increase imports in accordance with the needs of its domestic market and the people's needs, including marketable products from the United States, to gradually ease the imbalance in two-way trade'.

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Xi also said that he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him, the White House added. First off, China and the US have a lot of disagreements, and three months is not a lot of time to solve them - especially since the two countries have been at it for over a year. Chinese regulators in July blocked Qualcomm's $44 billion takeover bid for its Netherlands-based rival, NXP Semiconductors NV.

"We are dealing from great strength, but China likewise has much to gain if and when a deal is completed", Trump wrote.

"The relationship is very special", he said.

Aaron Friedberg, a Princeton University professor of politics and worldwide affairs, told NBC News before the G-20 summit that such a temporary cease-fire - setting up a structure for further negotiations - was the likely outcome of the Trump-Xi talks. "Farmers, I LOVE YOU!" he said.

Trump and Xi were set to talk over dinner Saturday at the summit of world leaders in Argentina. For decades, Beijing hasn't taken any concrete actions to fulfill its promises. But, taken at face value, the president's comments should allow companies who build cars in America and sell them in China to breathe a sigh of relief. Washington and Beijing have also increasingly been at odds over security in the Asia-Pacific region.

United States President Donald Trump walked off, waving.

"Oil price volatility will continue as long as the markets flip-flop from "risk on" to "risk off" and while there is uncertainty about how fast the global economic cycle is slowing, but for now a bounce from recent weakness can persist", noted Kit Juckes at Societe Generale. Troubles have deepened further with trade tensions, forcing the Chinese regime to come to the table to end the dispute. He made this pronouncement despite in October withdrawing the U.S.

A full-blown resolution was not expected to be reached in Buenos Aires; the issues that divide them are just too hard. They intend to start purchasing agricultural product immediately.

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