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China and the United States Agreed to Cease New Tariffs on January 1 and Continue Trade Talks

Updated:2018-12-3 10:00:49    Source:www.tannet-group.comViews:408

It is reported that a big development has been made in the trade tensions between China and the U.S., after Chinese President Xi Jinping met his American counterpart Donald Trump in Buenos Aires. The two sides have agreed to step back from the brink, with an agreement to stop imposing new tariffs on January 1.

During a working dinner, President Xi and Trump, along with their delegations, also decided to step up negotiations toward eliminating all other tariffs.

Xi said as the world's two largest economies, China and the U.S. shoulder important responsibilities in world peace and stability, making cooperation the best choice.

He said the two sides should work together to get trade relations back to normal, and that the consensus reached will be good for the global economy.

He also said China will speed up its reform and opening up and expand imports. The two presidents agreed that the two countries "can and should" ensure the success of China-U.S. relations.

Echoing Xi's comments, Trump called the meeting "amazing" and "productive". He said the U.S.-China relationship is "very special", noting the countries' important role in the world.

The U.S. hopes to do more work with China in areas including education, cultural exchange and law enforcement.

As for Taiwan, Trump said his government sticks to the "One-China Policy". The two heads of state also discussed the denuclearization of the Korean Peninsula -- with Trump praising China's positive role in the issue.

The two sides agreed to take immediate efforts to address issues of mutual concern based on mutual respect, equality and mutual benefit.

China is willing to expand imports according to the needs of the domestic market and the people, including the purchase of marketable goods from the U.S., and gradually ease the problem of trade imbalance.

The consensus reached between the two sides not only effectively prevents the further expansion of the current trade frictions, but also light up new prospects for win-win cooperation between the countries. (Source: CGTN)

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