U.S. President Donald Trump and Chinese President Xi Jinping agreed to hold off on new tariffs for 90 days during talks in Argentina on Saturday, declaring a truce following months of escalating tensions on trade and other issues.
According to analysts, it is unlikely that a broader deal is reached in 90 days, and the possibility for an escalation of the trade war remains.
In February, the USA said that for the next two years, all new chemical versions of fentanyl that weren't already regulated would be classified as illegal controlled substances.
The deal prevents an escalation on USA tariffs on $200 billion worth of Chinese goods, keeping the penalty at 10 percent instead of hiking to 25 percent January 1. "But I will just tell you as an involved participant we expect those tariffs to go to zero".
He said for the first time there was "a clear path" to reduce the U.S. trade deficit with China to zero.
None of the commitments were agreed to in writing and specifics had yet to be hammered out.
The U.S. and China also made progress on the regulation of fentanyl, which is 50 times more powerful than heroin.
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A full-blown resolution was not expected to be reached in Buenos Aires; the issues that divide them are just too hard. The Trump administration asserts, and many experts agree, that China systematically steals trade secrets and forces the U.S. and other foreign countries to hand over sensitive technology as the price of admission to the vast Chinese market. "And we know that", Kudlow said.
Ahead of the Trump-Xi meeting, some forecasters didn't think the tariff increase could be avoided, making the outcome a positive one for financial markets.
On Wall Street, futures pointed to opening gains of 1.9% for the S&P 500 and 2.1% for the Dow Jones Industrial Average.
That put US-made car brands like Tesla and Ford Motor Co's Lincoln at a major disadvantage, soon after China slashed auto import tariffs broadly to 15 percent for most vehicles.
In his Twitter roundup of weekend doings, Trump talked of halting the arms race.
With the two leaders' approach to the world looking increasingly different, it's likely that the G-20 truce will merely have paused the trade war - not stopped it.
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This year's trade tensions have been felt most in the trade-focused economies in Asia and other emerging markets, putting pressure on equities and currencies in those regions.
The automakers had a previously scheduled meeting with the trade representative yesterday, two people briefed on the matter told reporters.
"Of course, it's nonsense that Russia has any influence on Trump,"Peskov said, expanding on the Russian collusion accusations against the U.S. leader".
The deal reached at the G20 summit in Argentina includes a 90-day delay in the imposition of new tariffs. Neither country had mentioned auto tariffs in their official read-outs of the Trump-Xi meeting.
Trump's aggressive trade actions left in their wake a farm industry suffering from China's retaliation, hitting soybeans especially hard, and a business sector fraught with uncertainty, facing higher costs and holding off on investment. This article is strictly for informational purposes only.
"Maybe China can make concessions in other areas in exchange for keeping the plan..." Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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