Donald Trump and Xi Jinping declare trade truce at G20

Argentine president opens G-20 Summit

Argentine president opens G-20 Summit

The world's two largest economies have agreed to a small truce in their escalating trade war after a meeting between presidents Donald Trump and Xi Jinping following the G-20 summit.

The non-binding agreement, negotiated in all-night talks, capped the two-day G20 summit in Buenos Aries.

Trump has already imposed tariffs on more than $250 billion in Chinese goods - about half of the total imported into the USA each year - in an attempt to pressure Beijing to change its trade rules.

Trump has thrown out the traditional USA playbook on free trade since his shock 2016 election, vowing to protect forgotten workers and put "America First".

The United States and China agreed Saturday (Dec 1) in a long-anticipated summit to hold off on new tariffs after Jan 1, Chinese state media said following a months-long trade war.

"This was an fantastic and productive meeting with unlimited possibilities for both the United States and China".

Larry Kudlow, the head of the National Economic Council and a dinner attendee, . 'But it is not a ceasefire as some already are touting'.

The outcome gives both sides enough to boast of a win without resolving the fundamental differences between them.

China's Vice Commerce Minister Wang Shouwen said that China and the U.S. also decided not to impose new tariffs on other products. "The US should give its habitual winner-take-all approach to global relations the weekend off", it said.

"But a good deal means both sides walking away happy". At the start of the dinner, Trump struck an optimistic note.

"The relationship is very special".

"The way he nods in a measured way, it does not look forced", she said.

The meeting was the first face-to-face encounter between the leaders in more than a year, a period that saw Trump impose tariffs on billions of dollars in Chinese imports in a bid to force Beijing to halt trade practices the US considers unfair.

FILE - Plastic bags of fentanyl are displayed at the U.S. Customs and Border Protection area at the International Mail Facility at O'Hare International Airport in Chicago, Nov. 29, 2017.

"I think that is going to be a very primary reason why we'll probably be ending up getting something that will be good for China and good for the United States".

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

The dinner was moved up by about an hour after USA leader's schedule opened up on Saturday.

The attendees of the dinner on the US side included: Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin, Chief of Staff John Kelly, United States Trade Representative Ambassador Robert Lighthizer, National Security Adviser Ambassador John Bolton, Assistant to the President and Senior Advisor Jared Kushner, Assistant to the President for Trade and Manufacturing Policy Peter Navarro, Deputy Assistant to the President for Asian Affairs Matthew Pottinger, as well as two interpreters.

Trump and Xi dined on some local specialties, including grilled sirloin with red onions, goat ricotta, and dates.

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