After months of rising trade tariffs the White House finally released a statement thathad agreed to a truce in the ongoing trade war, and Mr. Trump agreed not to raise tariffs any further.
Mr. Trump and Xi were both at the G-20 conference in Buenos Aires, Argentina and as anticipated discussed and declared the meeting “highly successful,”
The statement Saturday said China agreed to purchase a “very substantial” amount of American products, including “agricultural product from our farmers immediately.”
White House press secretary Sarah Sanders said both leaders have agreed to address several issues, such as “intellectual property,” and other issues include “structural changes with respect to forced technology transfer, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture.”
Both presidents have agreed to conclude the discussion and cite a goal within 90 days. Since March the trade tariff war began and on that path they believed that by Jan. 1, 2019 tariffs on Chinese products would jump from 10 percent to 25 percent.
The two sides have been sparring since March, when Mr. Trump first began threatening tariffs on products imported from China.
After negotiations in May, China and the U.S. made a similar statement to the one Saturday. On May 19, theChina would “significantly increase” purchases of American products, singling out agriculture and energy. The following day, Treasury Secretary Steven Mnuchin declared that the “trade war is on hold.”
The White House statement also said Xi and Mr. Trump had agreed “great progress” had been made with North Korea, and Mr. Trump and Xi will work with Kim Jong Un toward a nuclear-free North Korea. Mr. Trump, the statement said, “expressed his friendship and respect” for Kim.