Trump Touts Benefits of China Trade Truce for U.S. Farmers


"In contrast to the fear - especially in Asia - that the hawks in USA administration would make impossible demands, evidence of President Trump working towards a trade deal with China has emerged".

China's President Xi Jinping and first lady Peng Liyuan arrive at Ezeiza International airport in Buenos Aires, Nov. 29, 2018.

Trump said in exchange for the pause, China intends "to start purchasing agricultural product immediately" after saying in a late Sunday night tweet that Beijing "agreed to reduce and remove" a 40 percent tariff on USA vehicle imports.

"President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him", the readout said.

United States President Donald Trump walked off, waving.

US President Donald Trump says China has agreed to cut tariffs on cars it imports from the United States.

Trump agreed that on January 1, 2019, he will leave the tariffs on Dollars 200 billion worth of product at the 10 per cent rate, and not raise it to 25 per cent at this time.

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USA officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

He gave no details, and there was no immediate response from the Chinese government.

China has agreed to "reduce and remove" tariffs below the 40 percent level now in place on US-made vehicles, US President Donald Trump has said, after the two countries agreed a trade war ceasefire.

Trump's tweet came after China and the United States reached an agreement on Sunday not to impose extra tariffs on each other's imports from January 1. If they can't, the USA tariff increases will go into effect on the $200 billion in Chinese imports. "It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product". China also blocked a tie-up between two major semiconductor manufacturers, Qualcomm and NXP, as a response to American trade tariffs. With the White House warning that following the 90 days, with no agreements, the tariffs would rise to 25%, these two questions could possibly play the largest role in China's decisions.

Farmers sold $19.6 billion in products to China past year, according to the Farm Credit Administration Office of Regulatory Policy.

The leaders set a 90-day deadline to reach a more conclusive trade agreement. Prior to dinner, Trump said he will urge Xi to address the "tremendous fentanyl problem" and "criminalize it in China" so that it does not get to the American market. "Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

Trump had cancelled a scheduled bilateral meeting with Putin in Argentina, but White House spokeswoman Sarah Sanders said the two did have an "informal" conversation when they crossed paths at a summit dinner Friday.