Saturday, 15 December, 2018

China agrees US$9b currency swap with Argentina

China President Xi Jinping and US President Donald Trump at a dinner at the end of the G20 Leaders Summit in Buenos Aires China President Xi Jinping and US President Donald Trump at a dinner at the end of the G20 Leaders Summit in Buenos Aires
Ellis Copeland | 03 December, 2018, 16:38

The President of the United States, Donald J. Trump, and President Xi Jinping of China, have just concluded what both have said was a "highly successful meeting" between themselves and their most senior representatives in Buenos Aires, Argentina.

It was the first meeting between Xi and Trump since the USA president paid a state visit to China in November a year ago.

China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%.

Earlier this year, China's tariff's on US imported automobiles stood at 15 percent from 25 percent, Politico reported.

The attendees of the dinner on the US side included: Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin, Chief of Staff John Kelly, United States Trade Representative Ambassador Robert Lighthizer, National Security Adviser Ambassador John Bolton, Assistant to the President and Senior Advisor Jared Kushner, Assistant to the President for Trade and Manufacturing Policy Peter Navarro, Deputy Assistant to the President for Asian Affairs Matthew Pottinger, as well as two interpreters.

Trump and Chinese President Xi Jinping agreed to halt new tariffs during talks in Argentina on Saturday, following months of escalating tensions on trade and other issues. "Currently the tariff is 40 percent".

The White House said Saturday the two sides would "immediately" begin talks on "structural changes" affecting forced technology transfer, intellectual property protection and cyber theft. "It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

During the meal, Xi also expressed sympathies for the passing of the former president, saying Bush, who also was once the US envoy to China, had "made many contributions to U.S".

Trump hit an additional $200 billion of Chinese goods with a 10 per cent tariff that had been due to rise to 25 per cent on January 1.

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"On standard trade issues, this is where we were weeks ago", Derek Scissors, a China scholar at the American Enterprise Institute and sometimes adviser to the Trump administration, told The Washington Post.

The US has hit $250bn of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products. USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

The dust has settled in the trade war between the United States and China. "And we'll see", Trump told a reporter in the Argentine capital, Buenos Aires. Both parties agreed to complete negotiations within 90 days.

Mr. Trump has weathered fierce criticism of his use of tariffs to force China to deal, including from the Business Roundtable.

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

Zhang also noted that it remains unclear whether Washington and Beijing would be able to "come up with an agreement in 90 days".

They also agreed to maintain close exchanges in various forms to jointly chart the course for the development of China-U.S. relations, and pledged to hold further exchanges of visits at an appropriate time.

The White House said China was "open to approving the previously unapproved" deal for USA company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".

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