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

G20 declaration stresses fair sustainable development

The news came at the end of this year's G20 summit in Argentina, after President Trump sat down for a working dinner with President Xi Jinping of China and their trade delegations in Buenos Aires.

President Donald Trump meets with China's President Xi Jinping during their bilateral meeting at the G20 Summit, Saturday, in Buenos Aires.

Before Trump met his Chinese counterpart, Xi Jinping, the US had been scheduled to increase tariffs on $200 billion of Chinese goods from 10 percent to 25 percent on January 1.

Trump and Xi met Saturday for dinner on the sidelines of the G20 summit in Buenos Aires.

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia.

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".

With a rise in nationalist sentiment in many countries, the group, which accounts for two-thirds of the global population and 85 per cent of the global economy, faces doubts over its ability to deal with trade tensions and other geopolitical differences among its members.

At Trump's request, China agreed to label fentanyl a controlled substance due to its contribution to the United States opioid crisis.

The Trump-Xi meeting is the marquee event of Trump's whirlwind two-day trip to Argentina for the Group of 20 Summit.

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"We will be meeting with President Xi tonight.and we'll be talking about a thing called trade and probably other things but primarily trade". Trump has threatened to go ahead with that and possibly add tariffs on $267 billion of imports if there is no progress in the talks.

"We'll be discussing trade and I think at some point we are going to end up doing something great for China and great for the United States", Trump said.

The US has already put tariffs on $250bn in Chinese goods, and could slap duties on an additional $267bn in imports, a Reuters' dispatch showed.

For example, the Trump administration's concerns about China's alleged theft of USA intellectual property remain in place and Beijing's broader push for indigenous advances in its hi-tech sector under the aegis of the "Made in China 2025" initiative have yet to be addressed. China agreed to buy a "substantial amount" of agricultural, energy and industrial products from the U.S.to reduce the trade deficit. Prior to dinner, Trump said he will urge Xi to address the "tremendous fentanyl problem" and "criminalize it in China" so that it does not get to the American market.

Earlier in the day, Trump canceled a planned news conference, saying the timing was not right because of the death of former U.S. President George H.W. Bush at the age of 94.

"The most hard part is that US wants China to give up the industrial upgrading plan - known as Made in China 2025".

Xi also agreed to designate the drug fentanyl as a controlled substance, the White House said.

"The two sides agreed to mutually open their markets, and as China advances a new round of reforms, the United States' legitimate concerns can be progressively resolved". But it was also a bet on a deal being reached.

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