Argentine president opens G-20 Summit

Argentine president opens G-20 Summit

China also will make fentanyl, a deadly synthetic opioid, a controlled substance, the White House said.

China also conceded to label fentanyl, the synthetic opioid cited in thousands of drug deaths, as a controlled substance and agreed to reconsider a takeover by USA chipmaker Qualcomm that it had previously blocked.

China and the United States have agreed to halt additional tariffs as both countries engage in new trade negotiations with the goal of reaching an agreement within 90 days, the White House said on Saturday.

But ahead of what is seen as the most important meeting of US and Chinese leaders in years, both sides said differences remained, and the outcome of the talks were uncertain.

Although the USA and China agreed to halt the trade war, it wasn't immediately clear whether they had made any progress on the issues that caused it.

The White House said that China would subject fentanyl makers to the "maximum penalty under the law".

Meanwhile, the state-run China Daily said in the editorial that "the fact that the two leaders could sit down for candid talks and agree to avoid the looming escalation of trade tariffs to allow for continuing trade negotiations, shows that both sides are aware of how damaging they would be, not just on each other but the global economy as a whole".

The declaration said: "We thank Argentina for its G20 Presidency and for hosting the successful Buenos Aires Summit and we look forward to our next meetings in Japan in 2019 and in Saudi Arabia in 2020".

Beijing hopes to persuade Trump to abandon plans to hike tariffs on $200 billion of Chinese goods to 25 percent in January, from 10 percent at present.

The truce, reached after a dinner of more than two hours, buys time for the two countries to work out their differences in a dispute over Beijing's aggressive drive to supplant USA technological dominance. Both the China and USA have placed a 90 day timeframe on completing a deal.

US-China trade divisions also meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history.

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The Chinese have always been willing to buy more United States goods, help fight fentanyl abuse, and launch trade talks, said Dr Bonnie Glaser, senior adviser for Asia and the director of the China Power Project at the Centre for Strategic and International Studies.

"It goes down, certainly - if it happens, it goes down as one of the largest deals ever made", Trump told reporters aboard Air Force One as he returned from Argentina.

Among those at the table for the United States: Trade policy adviser Peter Navarro, seen as the most hawkish member of Trump's team when it comes to economic issues with China.

Asked about the European concerns, a US official said progress was being made on the joint statement and the White House was "optimistic" about the document as a whole. "China thought it had a deal with the Trump administration back in May, which included a pledge to buy more USA energy and agriculture".

The President can claim the truce - even if temporary - as a reward for his all-or-nothing approach to remedying the United States' trade deficit with China, and forcing China to open up its own market. "But then, some said Trump is doing what he thinks is right for the US", Lau said.

Trump on Friday expressed optimism about a deal.

Results achieved at the meeting will not only benefit the two countries and the two peoples, but also be conducive to the stable growth of the global economy, he said.

"The relationship is very special-the relationship that I have with President Xi", he said.

Following the Xi-Trump meeting, China agreed to buy a "very substantial" amount of American exports in an effort to reduce the large bilateral trade imbalance.

He adds: "However, out of respect for the Bush Family and former President George H.W. Bush we will wait until after the funeral to have a press conference".

"Instead, leaders buried their differences in obscure language and dropped language to fight protectionism, which had been included in every G-20 communique since the leaders' first summit", he said.

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