Trump, Xi chew over trade war at high-stakes dinner

The German Chancellor Angela Merkel during her meeting with President Macri

Speaking to reporters on Air Force One, Trump hailed his agreement with Xi. "This changes the tone and direction of the bilateral conversation".

The dinner between Trump and Xi lasted almost two-and-a-half hours - an hour longer than expected, according to the South China Morning Post.

Trump has already imposed tariffs on more than $250 billion in Chinese goods - about half of the total imported into the United States each year - in an attempt to pressure Beijing to change its trade rules. China will be opening up, China will be getting rid of tariffs.

The news is likely to bring cheer Monday to global financial markets, which have been sensitive to the escalating trade battles between China and the United States.

Press Secretary Sanders continued, "It was also agreed that great progress has been made with respect to North Korea and that President Trump, together with President Xi, will strive, along with Chairman Kim Jong Un, to see a nuclear free Korean Peninsula".

It was unlikely that the two countries would reach a full-blown resolution in Buenos Aires; the issues that divide them are just too hard.

US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as President Trump has made economic growth the benchmark by which he wants his administration judged.

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

What they agree on - or do not - will likely determine whether stock markets rise or fall and whether the world economy gets some relief from destabilizing trade tensions, as well as cast judgement on the wisdom of the U.S. leader's hard-nosed trade tactics.

China "is open to approving the previously unapproved" deal for USA company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".

China nixed the proposed purchase of Dutch semiconductor manufacturer NXP by the chipmaker over antitrust concerns.

China also agreed to more transparency in financing of infrastructure projects around the world that has stoked fears of Beijing taking over roads, railways and ports in developing countries.

The U.S. has pressured China to take a tougher stance against the drug, which is 50 times more powerful than heroin.

Beyond trade, Washington and Beijing find themselves increasingly entangled on hard-to-resolve issues.

Qualcomm announced it was dropping plans to proceed with the deal after it failed to receive Chinese government approval.

Xi's reaction to Trump's opening remarks, in which the U.S. president expressed confidence that outcome would benefit both countries, was also noteworthy, according to Klein.

What was more likely is that they reach a truce, buying time for more substantive talks, analysts said.

But it said the "United States reiterates its decision to withdraw from the Paris Agreement", mirroring the divergence seen a year ago when Trump shocked the global community by bucking the consensus at his first G20.

Trump has thrown out the traditional United States playbook on free trade since his shock 2016 election, vowing to protect forgotten workers and demanding a renegotiation of the North American Free Trade Agreement with Canada and Mexico.

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