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G20: BRICS slam protectionism as China-US trade war dominate summit

The 90-day truce in the escalating trade war between the US and China came during a dinner meeting between the two presidents following the G-20 summit of the world's biggest economies in Buenos Aires.

Trump agreed to hold off on his threat to slap 25 per cent tariffs on US$200 billion worth of Chinese goods from Jan 1, leaving them at the current 10 per cent rate. "The existing tariffs are still having a negative impact on the Chinese economy, they haven't gone away".

At the same time, Trump again raised with Xi his concern about the synthetic opioid fentanyl being sent from China to the United States, urging the Chinese leader to place it in a "restricted category" of drugs that would criminalize it. Mnuchin, in an interview with CNBC on Monday, put a US$1.2 trillion price tag on China's additional trade commitments, but emphasized the details of how they get there still need to be negotiated.

"If they cancel the extra 25 percent tariff on USA -made cars, then we will see positive signs for imported cars", said director of the China Automobile Dealers Association's import committee, Wang Cun, according to Reuters. Now, these tariffs will not be increased for 90 days, that is, until March 1, 2019. "That's because it [the detailed trade deal] covers a wide range of issues raised by the United States in its Section 301 report, including the bilateral trade deficit, forced technology transfer, protection of intellectual property and China's industry policy known as 'Made in China 2025.' I think it's very hard to reach detailed and clear agreements on all those issues", Zhao Xijun, a finance professor with Renmin University of China in Beijing, told Sputnik. Trump wrote on Twitter.

The statement said that the countries agreed to implement this transaction within the next 90 days.

China has hit back with similar tariffs on $110 billion worth of goods made in the US. These decisions might be re-evaluated if the United States agrees to reduce its tariffs, too.

China and the USA now have 90 days to come to a wider trade agreement.

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The White House said China would buy a not-yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the US.

Further, the differences between the statements released by the U.S. and China suggest that the two sides hold substantial gaps about expectations for negotiations.

He didn't say precisely what China committed to do. "He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations", Trump said Monday.

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.

Bonnie Glaser, director of the CSIS China Power Project in Washington, told CNN the disparity showed there was "a lot of room for misunderstanding" in the deal between Trump and Xi.

Mr Trump has been willing to declare victory with only modest concessions in the past, pointing to new trade deals with South Korea, Canada and Mexico, he added.

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