Trump hails 'special relationship' with Xi during talks over trade war ceasefire

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

"U.S. also believes that China infringes intellectual property rights (IPR) regularly, forces foreign investors to transfer technology to China, and has yet to open up domestic Chinese markets as it had committed to as a condition to joining WTO in 2001", Narayan said, adding that the United States "now wants to force the issue by using tariffs as a weapon against China and negotiate a better bilateral trade deal".

For example, the Trump administration's concerns about China's alleged theft of US intellectual property remain in place and Beijing's broader push for indigenous advances in its hi-tech sector under the aegis of the "Made in China 2025" initiative have yet to be addressed.

At the summit earlier on Saturday, the G20 leaders agreed a joint declaration. His reflections on the meeting suggest that, at least at the leaders' level, the US-China relationship is in a better place than it was in October, following U.S. Vice President Mike Pence's speech criticising a wide array of Chinese actions.

However the USA trade representative, Robert Lighthizer, said he would be surprised if Mr Trump's working dinner with Mr Xi "wasn't a success".

The White House announcement framed a victory for Trump and his unflinching negotiating tactics, securing a commitment from China to engage in talks on key U.S. economic priorities, with little obvious concession by the U.S. Notably, however, the White House appears to be reversing course on its previous threats to tie trade discussions to security concerns, like China's attempted territorial expansion in the South China Sea. Trump also canceled a Saturday news conference, citing respect for the Bush family following the death of former President George H.W. Bush.

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Many US automakers build their cars in China, but for some the tariff hikes have hit sales. But the magnitude and timing of such a reduction were unclear, the person said.

The White House made clear that the 10 per cent tariffs would still leap up to 25 per cent if China doesn't meet U.S. demands in 90 days.

"Neither side got their maximum demands and it's not the first time in U.S".

Xi also reiterated China's stance on the Taiwan issue and the USA side pledged to continue to adhere to the one-China policy. That's because the German luxury brands dominate the top 10 list of vehicle imports into China. "China will be getting rid of many of them". "Longer-term, China has more to gain from free trade in autos", with local Chinese manufacturers such as Guangzhou Automobile Group Co. and Geely Automobile Holdings Ltd. looking to move overseas, she said.

In comments last week, Trump referred to China as "ripping off our country for many, many years". China Grand Automotive Services Co., which sells various vehicle brands and provides auto financing, surged by the 10 percent daily limit in Shanghai.

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As Kudlow said in Washington ahead of the dinner: "If things don't work out in this US-China summit meeting, he will invoke some $267 billion in additional tariffs".

During the summer, Trump first slapped $50 billion of Chinese imports with new 25 percent tariffs. "Currently the tariff is 40 percent".

China has already slapped tariffs on $110 billion in US goods.

It would also be good news for Tesla, which has been hit hard by increased tariffs on the electric cars it imports to China.

Mr Trump also said that if talks were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the United States with tariffs of 10-25%.

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