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USA and China impose no new taxes

Chinese president Xi Jinping and his Us ambtsgenoot Donald Trump have Saturday night in Buenos Aires agreed to after January 1 next year will be no new tariffs. Reported that Chinese state media and the news is confirmed by the White House. Yet there is also criticism on the final declaration of the G20 summit.

Trump and Xi held Saturday a bilateral dinner debate organised on the G20 summit in the Argentine capital. The economic adviser to Trump, Larry Kudlow, said after the dinner that the meeting ‘very good’ had expired.

China and the US are already for a while at odds with each other, and launched in the past few months import tariffs on each others goods. The White House confirmed Saturday night that the existing tariffs of 10 percent on a part of the Chinese imports (about $ 200 billion), will not be raised to 25 percent, as Trump had previously threatened. There is also the following months, no new charges.

China would, according to Washington have agreed to ‘a substantial, but further to determine the share of the agriculture, energy, industrial and other products from the U.S. to buy and so the trade deficit to decrease’, in the press release.

Xi and Trump came on the night of Saturday also agreed to immediately the calls start around the protection of intellectual property, cyberdiefstal, non-tariff barriers to trade. “Both parties agreed to this within ninety days to complete. If at the end of this period no agreement is reached, will the 10 percent levy be increased to 25 per cent’.

Final

At the G20 summit to come heads of state and government of the twenty most important economies together. The meeting ended with a declaration in Buenos Aires, but that gets criticism. By the division on the top the document is still very vague. “It’s about the weakest statement ever”, said Thomas Bernes, an expert at the Centre for International Governance Innovation. Also ngos react sharply.

The most concrete element in the statement is the reform of the world trade organisation (WTO). The United States want another WTO. The increasing protectionism in the declaration not condemned -the document has it just about ‘trade problems’- and also on climate and migration were the world leaders do not agree. In a separate paragraph state that the US withdraw from the Agreement of Paris, while the other countries with their work for the full implementation of that agreement to continue.

Still, the final document was a victory, because at the last APEC summit, economic cooperation of Asian countries and countries on the pacific Ocean borders, managed to be the first in history not to have a common document.

The next G20 summit in 2019 place in Osaka in Japan.

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