Merry Xmas, motherfuckers.
US President Donald Trump and Chinese President Xi Jinping appeared to have reached a trade war truce on Saturday as they met across a dinner table at the G20 summit in Buenos Aires, Argentina.
The state-run China Daily and Chinese international broadcaster CGTN both said Trump and Xi agreed to not add additional tariffs “after January 1” – when Washington was set to raise the tariff rate on US$200 billion of Chinese imports from 10 per cent to 25 per cent.
Details of trade truce agreement, including what concessions China made, were not immediately available.
TRUMP AGREED TO LEAVE TARIFFS OF PRODUCTS AT 10% RATE ON JAN.1
— zerohedge (@zerohedge) December 2, 2018
U.S., CHINA TO STEP UP TALKS ON CANCELING ALL TARIFFS: WANG
— zerohedge (@zerohedge) December 2, 2018
IF CHINA, U.S. DON'T REACH PACT, TARIFFS TO RISE TO 25%: WH
— zerohedge (@zerohedge) December 2, 2018
POP THE CHAMPAGNE.
Statement from the White House.
The President of the United States, Donald J. Trump, and President Xi Jinping of China, have just concluded what both have said was a “highly successful meeting” between themselves and their most senior representatives in Buenos Aires, Argentina.
Very importantly, President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.
On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately.
President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.
It was also agreed that great progress has been made with respect to North Korea and that President Trump, together with President Xi, will strive, along with Chairman Kim Jong Un, to see a nuclear free Korean Peninsula. President Trump expressed his friendship and respect for Chairman Kim.
President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.
President Trump stated: “This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honor to be working with President Xi.”
Told you about the fentanyl issue.
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