Presidents Donald Trump and Xi Jinping Agree to Trade Truce + Removal of Tariffs
- US President Donald Trump and Chinese President Xi Jinping agree to a trade truce in their dinner meeting Saturday
- Deal includes no trade tariffs after 1 January 2019
US President Donald Trump and Chinese President Xi Jinping, reached a trade war truce Saturday as they met across a dinner table at the G-20 Summit in Buenos Aires, Argentina.
The 2 world leaders agreed to put on hold the threatened tariff increases and undo existing tariffs as of 1 January, thus marking a significant de-escalation in trade tensions between the world’s 2 biggest economies.
Details of the trade truce agreement, including what concessions China made, were not immediately available.
Dinner discussions about de-escalating tensions between the world’s 2 largest economies lasted 1 hour longer than expected.
Both sides appeared satisfied at the end of the dinner meeting, loud applause broke out in the dining room as the dinner drew a close.
The dinner between Presidents Trump, Xi and their Top aides, who were all served grilled grass fed beef sirloin steaks paired with a Malbec from the Argentine winery Catena Zapata, lead to a de facto trade truce between their nations and/or an escalation of the months-long dust-up that has hobbled global financial and commodities markets and dampened global economic prospects.
Shortly after the meal ended, the White House released a statement with comments the 2 Presidents made before entering the dinning room, quoting President Trump as saying his relationship with President Xi is “very special”.
“I think that is going to be a very primary reason why we’ll probably end up – ending up getting something that will be good for China and good for the United States,” President Trump said.
The White House statement included Xi’s comments as reported by China’s official news network, Xinhua.
The futures in US and Chinese stock indexes have responded in a very positive manner.
Now that the US, Canada, Mexico trade deal has been signed, and China aligned President Trump’s trade policy focus turns to the EU, specifically Germany and its giant automakers.
Have a terrific weekend.