Business Roundtable cheers Donald Trump-China trade truce

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United States president on Saturday agreed to not raise the tariff rate on goods imported from China, the White House announced. It was agreed in the truce only that the USA will not raise tariffs a further 25 per cent on Jan 1, and the negotiation window is for only 90 days. Wang Yi, China's top diplomat, told reporters that the negotiations had been conducted in a "friendly and candid atmosphere".

"In a friendly and candid atmosphere, the two presidents had profound discussions that lasted for two-and-a-half hours. The two heads of state reached consensus to halt the mutual increase of new tariffs".

United States officials have insisted that the United States 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. "China's reform and opening-up's broad perspective recognises that the rest of the world does things differently".

Trump, as often in his diplomatic dealings, appears to consider his personal chemistry with Xi the most important factor in the success of the negotiations.

The leaders of the world's two largest economies, Donald Trump and Xi Jinping, agreed to a temporary truce on trade Saturday at a highly anticipated dinner in Argentina. Facing criticism that he had gone soft on China, Trump backed away from Mnuchin's deal and chose to proceed with tariffs. China has retaliated with tariffs on $110 billion worth of USA imports.

During the meal, Xi also expressed sympathies for the passing of the former president, saying Bush, who also was once the USA envoy to China, had "made many contributions to U.S".

The encounter came shortly after the Group of 20 industrialized nations backed an overhaul of the World Trade Organization (WTO), which regulates global trade disputes, marking a victory for Trump, a sharp critic of the organization.

They also agreed to maintain close exchanges in various forms to jointly chart the course for the development of China-U.S. relations, and pledged to hold further exchanges of visits at an appropriate time. He said there were three sites under consideration, but he declined to name them.

"We've been here before", economist Paul Ashworth of Capital Economics noted in a research brief after the Trump-Xi meeting.

At Trump's request, China agreed to label fentanyl a controlled substance due to its contribution to the USA opioid crisis.

In July, Qualcomm - the world's biggest smartphone-chip maker - walked away from a $44 billion deal to buy NXP after failing to secure Chinese regulatory approval, becoming a high-profile victim of the China-U.S. trade dispute.

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.

Playing down domestic concerns of any compromise by China giving in to Trump's demands, it said "the Chinese public needs to keep in mind that China-US trade negotiations fluctuate".

At the summit earlier on Saturday, the G20 leaders agreed a joint declaration. The presidents have come to an agreement on stopping the imposition of additional tariffs.

However, the USA affirmed its "strong commitment" to economic growth and energy access and security, utilizing all energy sources and technologies, while protecting the environment.

"We also note current trade issues". So far, China's actions in this regard have been fully recognized by the global community including the United States.

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