The two world leaders met last night for a dinner meeting to discuss trade at the sidelines of the Group of 20 leaders’ summit. They spoke for around 2 and a half hours and the discussion ended with Trump agreeing to hold off on raising existing tariffs on $200billion pending new talks. Trump had previously planned to raise tariffs on certain Chinese goods to 25 percent on January 1, but revoked this plan as a result of the talks.
China’s Vice Commerce Minister Wang Shouwen added that China and the US also decided not to impose new tariffs on other products.
At Trump’s request, China agreed to label fentanyl a controlled substance due to its contribution to the US opioid crisis.
Before the meeting, the US President was optimistic.
He said: “We’ll be discussing trade. And I think at some point, we’re going to end up doing something which is great for China and great for the United States.”
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Xi replied referencing the men’s “personal friendship” and that they must cooperate for “world peace and prosperity”.
Earlier in the day, the G20 leaders agreed to reform the World Trade Organisation, a big win for Trump who has heavily critisised it.
Meanwhile, the US stood alone as the 19 other countries pleadged to implement the Paris accord to fight climate change.
However, tensions still pivoted around the meeting between Trump and Xi over trade.
China specialist at Princeton University Aaron Friedberg said: “Both men have cast themselves as ‘maximum leaders’, strong men defending the interests and honour of their nations.
“Neither wants to appear weak, which would seem to narrow the scope for compromise, but neither wants to be blamed for a complete breakdown in relations.”
Speaking ahead of the meeting, Trump said he had an “incredible relationship” with President Xi.
He said: “The relationship is very special.
“The relationship that I have with President Xi, I think that’s going to be a very primary reason we’ll probably ending up getting something good for China and good for the United States, so we very much appreciate it.”
More to follow…