The president met with Chinese President Xi Jinping for dinner on Saturday during the G-20 summit in Argentina and agreed to suspend the proposed tariffs in exchange for China's agreement to purchase unspecified amounts of agricultural products from the United States.
As part of the deal, Xi agreed to deliver structural reforms within the next three months. Trump wrote on Twitter. "If we could make a deal, that would be good", he said on Friday. However, tariffs on US$200 billion worth of goods were previously set to increase from 10 percent to 25 percent from January 1, 2019. The tariffs will remain at 10 percent.
The US trade deficit with China was US$335 billion a year ago and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal. He said both leaders had extended invitations to visit their respective countries and said he expects them to meet in the "near future".
But in a rhetorical olive branch to Trump, Xi pledged at the G20 to do more to open up China's economy.
The truce buys time for the two countries to work out their differences in a dispute over Beijing's aggressive drive to supplant USA technological dominance. Chinese regulators in July blocked Qualcomm's $44 billion takeover bid for its Netherlands-based rival, NXP Semiconductors NV.
Trump cancelled his meeting with the Russian president on Thursday after being briefed on the Kerch Strait incident, in which several Ukrainian Navy vessels and their crews were detained for violating Russia's maritime borders.
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Qualcomm moved ahead with a stock buyback of about $30 billion that it had promised shareholders should the NXP deal fall apart. Chinese regulators declined to clear the deal, though the country later expressed regret over the transaction's collapse.
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But Brad Setser, a former Treasury official and now senior fellow at the Council on Foreign Relations in Washington, told Bloomberg that much remains to be done.
Keane also said that the Chinese leader intends to overtake the United States as a global leader in the world.
During the meeting, Trump and Xi were seated across from each other in the middle of the table, surrounded by their respective delegations.
Of China's US$51 billion of vehicle imports in 2017, about US$13.5 billion came from North America, including sales of models made there by non-US manufacturers like BMW.
China and the USA have been locked in a bitter battle of ever-rising tariffs as the two countries attempt to figure out a new trade deal. For decades, Beijing hasn't taken any concrete actions to fulfill its promises.
Trump has long railed against China's trade surplus with the United States, and Washington accuses Beijing of not playing fairly on trade. And China's leader will likely expect compromise on complex territorial issues like Taiwan or the South China Sea before the ceasefire will begin to look like a full-fledged peace accord. They dislike the American president's tactics but echo USA complaints about market barriers. -China deal is expected to be positive.
That's surely good news, and it's the first indication since the U.S. "On standard trade issues, this is where we were weeks ago", Derek Scissors, a China scholar at the American Enterprise Institute and sometimes adviser to the administration, told the Washington Post.