US, China put brakes on their trade dispute with cease-fire

President Donald Trump smiles alongside President Xi Jinping of China in Buenos Aires on Saturday

Under the agreement, Trump will hold off on his vow to increase US tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on January 1.

China will have to give way on "fairness and reciprocity", he said, warning that U.S. concerns over intellectual property theft and China's forced technology transfers "must be solved".

The statement said that the countries agreed to implement this transaction within the next 90 days. "Discussion on economic and trade issues was very positive and constructive".

Under the agreement reached in Buenos Aires, the two countries have 90 days to resolve their differences over Beijing's tech policies.

But it was the United States and China that dominated the spotlight.

But analysts said the two sides remain miles apart on key issues. The leaders agreed to pause the introduction of new tariffs and intensify their trade talks, Chinese Foreign Minister Wang Yi told reporters hours later in Buenos Aires.

US President Donald Trump and Chinese President Xi Jinping (習近平) were yesterday to sit down for dinner and their table talk will undoubtedly have a global impact.

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". Paul Ashworth, chief US economist at Capital Economics, notes that if talks fail, tariffs would rise on the $200 billion of goods already on the receiving end, and would be imposed on the remaining $250 billion that are, so far, penalty-free. China has retaliated with tariffs on $110 billion worth of USA imports.

The G20 meetings in Argentina ended on Saturday evening, after leaders agreed to reform the World Trade Organization (WTO). In doing so, they cited the trade conflict as well as political uncertainty.

The president also has threatened to extend the tariffs to everything that the USA imports from China, which would involve an additional $267 billion in goods.

Growing concerns that the trade war will increasingly hurt corporate earnings and the USA economy are a key reason why United States stock prices have been sinking this fall.

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According to the Japanese news agency, while the UK and the European Union are on the pro-regulation side, the United States and China are cautious about developing an global taxation system for cryptocurrencies. The world's two biggest economies have also increasingly been at odds over security in the Asia-Pacific region.

China also will make fentanyl, a deadly synthetic opioid, a controlled substance, the White House said.

French President Emmanuel Macron called it a victory that the US signed on to the statement at all, given the tensions going into the talks.

"He was a world leader, who strongly supported the alliance with Europe", said French President Emmanuel Macron, who has been lobbying other G20 leaders to carve out a 19 v 1 statement on climate change excluding Trump.

After a much anticipated dinner between the United States and China, both presidents emerged from a "highly successful meeting".

Speaking ahead of the meeting, Trump said he had an "incredible relationship" with President Xi.

China will be opening up. The presidents have come to an agreement on stopping the imposition of additional tariffs.

Beijing meanwhile has accused the USA of starting "the largest trade war in economic history".

Trump described the meeting with Xi as "amazing and productive". China calls the United States protectionist and has resisted what it views as attempts to intimidate it.

Trump has been demanding China to drastically reduce the United States dollars 375 billion trade deficit and ensure IPR production for U.S. technology and services.

Chile's President Sebastián Piñera told the BBC he hoped for a deal to end what he called "this nonsense of a tariff war". "The United States, which is the most open economy in the world, does not accept being shackled", the summit's host, Argentine President Mauricio Macri, told a news conference.

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