G20 summit backs WTO reform ahead of Trump, Xi trade talks

US President Donald Trump said the G20 Summit was a success for America’s interests

US President Donald Trump said the G20 Summit was a success for America’s interests

President Donald Trump Monday said that America's relationship with China has taken a "BIG leap forward" and he was willing to have a trilateral discussion involving Russian Federation to reduce the arms race, a day after his meeting with President Xi Jinping on the sidelines of the G20 Summit in Argentina.

Trump has appointed Lighthizer, one of the administration's most vocal China critics, to oversee the new round of trade talks with China, a White House official and a USA official told Reuters on Monday. He said relations have taken a big leap forward, adding, USA farmers will be a very big and very fast beneficiary of the deal after China agreed to purchase more agricultural equipment.

In return, China agreed to buy what the White House called a "not yet agreed upon, but very substantial" amount of USA products to help narrow America's gaping trade deficit with China.

Looming large at the summit is the trade fight between the United States and China, which have imposed tariffs on hundreds of billions of dollars on each other's imports after Trump began an effort to correct what he views as China's unfair commercial practices.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days", the White House said.

"Trump's latest tweets this morning, which touted the benefits of the agreement for U.S. farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.

China has hit back with similar tariffs on $110 billion worth of goods made in the US.

"I believe it's hard to complete all the related tasks and resolve all the issues clearly within 90 days". As per news agencies, following more than two hours of dinner talks between the two leaders, the White House said an increase of tariffs from 10 to 25 percent due to kick in on January 1 would now be put on hold for 90 days.

According to the US President, his relationship with Xi is "very special".

Of China's US$51 billion of vehicle imports in 2017, about US$13.5 billion came from North America, including sales of models made there by non-US manufacturers like BMW. "They intend to start purchasing agricultural product immediately".

But the USA leader's tweet alone was sufficient to boost stock prices for European auto giants Daimler AG and BMW, the Reuters news agency noted on Monday.

During the meeting, Xi also said that he was open to approving a previously rejected takeover deal by Qualcomm Inc. Trump also offered some positive thoughts before the "very important meeting", noting that the talks would focus on trade.

President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he'd struck with China to reduce tariffs on US cars exported to the country - an agreement that doesn't exist on paper and hasn't been confirmed in Beijing.

Tensions between the United States and China rose in May when the U.S. administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months.

In return, Beijing will purchase "very substantial" amount of agricultural, energy, industrial and other products from Washington. Several bike industry leaders have said closing that loophole would help the industry and create more fair trade than tariffs.

"While the Xi-Trump dinner has clearly improved the tone of the U.S".

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