Trump, Xi sit down to dinner at G20 to discuss trade war

The trade war truce followed months of economic tensions between Washington and Beijing

The two-and-a-half-hour dinner shared by Xi Jinping and Donald Trump in Argentina, where they repeatedly emphasized their great friendship, has ended with an apparent "trade truce" but no immediate tangible results or declaration.

With the United States and China locked in growing disputes over commerce and security that have raised questions about the future of their relationship, global financial markets next week will take their lead from the outcome of talks between Trump and Xi over dinner on Saturday. In a statement from the White House, China has agreed to immediately start purchasing agricultural products from US farmers.

"It is my great honor to be working with President Xi".

Beijing has not yet confirmed the move and President Trump's advisers appeared less certain about the agreement.

The meeting was the first face-to-face encounter between the leaders in more than a year, a period that saw the Trump administration impose tariffs on billions of dollars in Chinese imports in a bid to force Beijing to halt trade practices the USA considers unfair.

Trump agreed to postpone the raising of tariffs on goods from China worth USA $200 billion from 10 percent to 25 percent, which had been scheduled for January 1.

Trump has long complained about China's unfair trade practices and blamed previous US leaders for failing to address the matter.

The US, which has already slapped tariffs on $250 billion of Chinese products, has also threatened Beijing with an additional $267 billion in levies unless China shows a willingness to close the massive trade deficit.

Trump and Merkel discussed trade, the conflict between Ukraine and Russian Federation, and Moscow's violations of a landmark nuclear arms treaty that Trump plans to exit.

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A cross-party group of MPs on Thursday laid down an amendment to May's European Union withdrawal legislation in a bid to stop a no-deal Brexit emerging as the default fallback option.

Xi has also agreed to purchase "a very substantial amount" of American goods, including agricultural, energy, industrial, and other products, in an effort to reduce the USA trade deficit with China.

The truce between the US and China emerged after a highly anticipated dinner December 1 involving Messrs.

China has sought to bolster relations with other countries and forge new economic partnerships this year, as its relationship with the U.S. faces new strains over trade.

Central to the deal was an agreement between President Trump and China's President Xi Jinping to not increase tariffs for 90 days to allow for talks. "It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

China has already slapped tariffs on $110 billion in USA goods. Qualcomm scrapped its US$44 billion plan to purchase NXP after failing to acquire approval from China's State Administration of Market Regulation, which oversees anti-monopoly regulations. "But I will just tell you, as an involved participant, we expect those tariffs to go to zero".

Speaking to reporters aboard Air Force One on Saturday, Trump said, "It's an incredible deal".

The agreement so far lacks detail, but allows the US and China an additional 90 days to negotiate an agreement.

Discussions were to begin immediately, with the goal of an agreement within 90 days.

China is the world's biggest vehicle market both in terms of demand and supply.

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