Both sides gained from hitting the pause button, with Trump securing a Chinese pledge to import more USA goods and Xi staving off the further pressure that higher tariffs would place on his country's slowing economy. Instead the USA president appeared to barely acknowledge MBS, as he's known, before taking his place for the photo between French President Emmanuel Macron and Japanese Prime Minister Shinzo Abe. Chinese officials discussed the possibility of lowering tariffs on USA vehicle imports before Xi met Trump in Argentina, according to a person familiar with the situation who asked not to be identified.
The White House said a threatened increase of tariffs on US$200 billion worth of Chinese goods from 10 to 25%, which was set to take effect on January 1, would be put off for 90 days. If they can't, the higher US tariffs will go into effect on the $200 billion in Chinese imports.
"Still, one must presume that as the existing and proposed tariffs are to spur China to address the US' IPR concerns, only action directly related to that would ultimately impact the 301 tariffs", he said.
The White House said that Xi would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again.
As Trump economic advisor Larry Kudlow said ahead of the dinner: "If things don't work out in this US-China summit meeting, he will invoke some 267 billion dollars in additional tariffs".
The economic heavyweight warned that otherwise global growth could slow. During the three months, Washington will continue to negotiate with Beijing in an effort to make a lasting deal to resolve ongoing trade tensions.
The White House said that China has also agreed to step up purchases "immediately" of an unspecified amount of U.S. agricultural goods.
Iran Ballistic Missile Test Violates UN Resolution, Pompeo Says
Shekarchi did not confirm or deny that Iran had carried out a new test. "Iran's missile programme is defensive in nature". His remarks on Sunday came shortly after the United States accused Tehran of carrying out a new missile test.
Experts said that the important meeting sends a positive signal in the development of China-U.S. relations, one of the most important bilateral ties in the world. On Friday, on the sidelines of the G-20 summit in Argentina, he and his Mexican and Canadian counterparts signed an agreement that, if approved by Congress, would replace the North American Free Trade Agreement. The agreement "is not a ceasefire, it's just a de-escalation", he said.
If the two sides can not reach agreement over these matters within the next 90 days, the United States will raise tariffs.
Stakes were high at a meeting between President Trump and President Xi at last week's G20 meeting in Argentina. "I think that's going to be a very primary reason we'll probably end up getting something good for China and good for the United States". Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the USA, as a Controlled Substance.
After 90 days, if there's no progress on structural reform, the US will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement.
Trump and Xi were seated across from each other in the middle of the table, surrounded by their respective delegations.
President Trump expressed his friendship and respect for Chairman Kim. (The ships reportedly weren't actually provided by the United States.) The world's tyrants are laughing at the United States - and Trump is letting them get away with it.