Truce in Trade War After Trump, Xi Dinner in Argentina

Russia’s President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman greet each other at the G20 Leaders’ Summit in Buenos Aires

That President Xi agreed to designate fentanyl a controlled substance, meaning that Chinese selling the powerful synthetic drug to the USA will be subject to maximum penalties, is also important to President Trump, who has made fighting America's raging opioid epidemic a priority. The deadly synthetic opioid is responsible for tens of thousands of US drug deaths annually.

President Xi Jinping and his USA counterpart Donald Trump agreed to the trade war truce following a meeting at the G20 summit in Buenos Aires, Argentina.

Fentanyl, an extremely powerful drug, is 50 to 100 times more potent than morphine and 30 to 50 times more potent than heroin. Most of the US supply of the drug is made in China.

Trump and Xi were set to talk over dinner Saturday at a summit of world leaders in Argentina.

Trump has imposed import taxes on $250 billion in Chinese products.

President Donald Trump took his first step back in his months-long confrontation with China on Saturday, agreeing to cancel a planned January 1 tariff increase on Chinese products in return for purchases of what the White House called a "very substantial" amount of American farm, energy and industrial goods.

The U.S. and China have agreed to a 90-day truce in a bid to work out their trade differences. Both parties agreed to complete negotiations within 90 days. This gives Xi leverage to wait Trump out and essentially dare him to raise tariffs further, knowing it would hurt the US economy.

In July, Qualcomm - world's biggest smartphone-chip maker - walked away from a US$44 billion deal to buy NXP Semiconductors after failing to secure Chinese regulatory approval, becoming a high-profile victim of the Sino-US trade dispute.

Speaking to reporters on Air Force One, Trump hailed his agreement with Xi.

The United States is unhappy with what it says is the WTO's failure to hold Beijing to account for not opening up its economy as envisioned when China joined the body in 2001.

The statement said that China agreed to start purchasing agricultural products from USA farmers "immediately". Trump had threatened to do that, and possibly add tariffs on $267 billion of imports, if there was no progress in the talks.

Trump, who in recent months has harshly criticized China and accused it of meddling in USA elections, in the statement called his meeting with Xi "amazing and productive".

"China will continue to deepen market-oriented reform, protect property rights and intellectual property rights, encourage fair competition and do more to expand imports", he said.

There was an implicit contrast in some of the tributes offered at the Buenos Aires summit between Bush and the current White House occupant, Donald Trump, whose disruptive brand of diplomacy has stoked the deepest divisions in the G20's 10-year history.

Trump on Friday expressed optimism about a deal.

Donald Trump and Xi Jinping each got something out of hitting pause on a trade war that threatens both of their economies, but analysts stressed that the tenuous truce does little to address the core sticking points of their economic rivalry.

European officials said a reference to refugees and migration - a sensitive issue for Trump's administration - was excised to ensure consensus.

Other attendees on the U.S. side included Treasury Secretary Steven Mnuchin, Secretary of State Michael Pompeo, U.S. Trade Representative Robert Lighthizer, China hawk and senior adviser Peter Navarro, National Security Adviser John Bolton and Trump's son-in-law, Jared Kushner, who's a senior adviser to the president. It's the way to push the limits of what is possible; understanding that every country has its preferences, values and interests, but we all agree on something: "we want to promote sustainable development", he said.

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