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G20: US and China 'will impose no new tariffs' G20: US and China agree to suspend new trade tariffs
(about 1 hour later)
Chinese state TV says agreement has been reached with the US not to impose any additional trade tariffs after 1 January and talks will go on. US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says.
It made the announcement after US President Donald Trump met China's President Xi Jinping for the first time since a trade war erupted this year. The two men met in Buenos Aires after the G20 summit for their first talks since a trade war erupted this year.
Both a Trump adviser and Chinese media said earlier that talks after the G20 summit in Buenos Aires had gone well. China says they agreed not to impose any new trade tariffs after 1 January.
At the summit earlier on Saturday, the G20 leaders agreed a joint declaration. At the summit earlier on Saturday, the G20 leaders agreed a joint declaration that notes divisions over trade but does not criticise protectionism.
The document notes divisions over trade but does not criticise protectionist activity. What was agreed?
What was reportedly agreed? Ahead of the G20, Mr Trump had told US media he expected to go ahead with plans to raise tariffs on $200bn (£157bn) of Chinese goods - first introduced in September - from 10% to 25%, starting in January.
There was no immediate US confirmation of the outcome of the talks, but Chinese state TV said: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue." The White House says this move is now suspended for 90 days but adds, "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent."
During the working dinner the Chinese leader said co-operation was the best choice for their nations, state news agency Xinhua reports. In return, the White House adds, China agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products.
Mr Trump had earlier said the pair shared a "very special" relationship. "I think that's going to be a very primary reason we'll probably end up getting something good for China and good for the United States." Chinese state TV said earlier: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue."
Both sides have imposed tariffs on billions of dollars' worth of goods. The US has hit $250bn (£196b) of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products. Both sides have imposed tariffs on billions of dollars' worth of goods. The US has hit $250bn of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products.
Ahead of the G20, Mr Trump had told US media he expected to go ahead with plans to raise tariffs on $200bn of Chinese goods - first introduced in September - to 25% (up from 10%) starting in January 2019. Mr Trump had also said that if talks in Argentina were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the US with tariffs of 10-25%.
Mr Trump had also said that if talks were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the US with tariffs of 10-25%.
US-China trade divisions meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history.US-China trade divisions meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history.
What else happened in Buenos Aires?What else happened in Buenos Aires?
French leader Emmanuel Macron told reporters that the World Trade Organization, the body that regulates trade disputes, needed to be modernised.French leader Emmanuel Macron told reporters that the World Trade Organization, the body that regulates trade disputes, needed to be modernised.
A senior US official told Reuters that it was the first time that the G20 had recognised that the WTO was "currently falling short of meeting its objectives" and needed reform.A senior US official told Reuters that it was the first time that the G20 had recognised that the WTO was "currently falling short of meeting its objectives" and needed reform.
On Friday Mr Trump briefly met Russian President Vladimir Putin on the sidelines of the G20, a Russian official told Reuters.On Friday Mr Trump briefly met Russian President Vladimir Putin on the sidelines of the G20, a Russian official told Reuters.
Earlier the US president said he had postponed a planned press conference "out of respect for the Bush family", following the death of former President George HW Bush, at the age of 94.Earlier the US president said he had postponed a planned press conference "out of respect for the Bush family", following the death of former President George HW Bush, at the age of 94.
Earlier on in the summit, emerging economies denounced protectionism.Earlier on in the summit, emerging economies denounced protectionism.