Trump, Xi Jinping Agree To Trade Ceasefire After 2-Hour G20 Dinner

Argentine president opens G-20 Summit

Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue

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 US chipmaker Qualcomm that it had previously blocked.

China and the United States agreed to a ceasefire in their bitter trade war on Saturday after high-stakes talks in Argentina between U.S. President Donald Trump and Chinese President Xi Jinping, including no escalated tariffs on January 1.

Fentanyl, an extremely powerful drug, is 50 to 100 times more potent than morphine and 30 to 50 times more potent than heroin.

A statement by the White House spokeswoman, Sarah Sanders, issued as Trump was on his way back to Washington, listed concessions the Chinese president was said have made, including stopping Chinese exports to the United States of fentanyl, a synthetic opioid, and the death sentence for convicted traffickers.

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

In its communique Saturday at the conclusion of the leaders' summit, the G-20 called for reform of the WTO to improve its functioning and said the group would review progress made by the trade organization at next year's summit in Japan.

Despite months of complaints by the United States and the US imposing tariffs on about $250 billion worth of Chinese goods, Beijing "has not fundamentally alerted its unfair, unreasonable, and market-distorting practices", according to a report issued last week by Lighthizer.

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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.

The statement said that the countries agreed to implement this transaction within the next 90 days.

Take a look: Will Trump and Xi agree to a ceasefire in US-China trade war?

If there is any further retaliation, Trump has warned, he will slap punitive duties on the remaining $267 billion in Chinese goods coming to the US.

"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.

At the same time, Trump - stung by the US Democrats' congressional win in mid-term elections - can avoid further pain for agricultural US states whose exports of key crops like soybeans to China have been hit, said Beijing-based political consultant Hua Po. "We encourage the voluntary use and sharing of innovative as well as traditional agricultural practices and technologies", it said.

The US also agreed to maintain the 10% tariffs on $200 billionworth of Chinese goods, instead of raising them to 25%, the White House said.

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There was an implicit contrast in some of the tributes offered at the Buenos Aires summit between Bush and the current White House occupant, Donald Trump, whose disruptive brand of diplomacy has stoked the deepest divisions in the G20's 10-year history. "It is my great honor to be working with President Xi".

The Chinese president has a clear vision of how things are and need to be, said Castro.

The White House also said China "is open to approving the previously unapproved Qualcomm Inc NXP deal should it again be presented".

Trump has hit back at this so-called "China 2025" plan as a threat, accusing Beijing of stealing USA technologies.

"The G20 veered all over the road" at the summit and the leaders failed to fix trade, which is widely seen as a priority for boosting growth in jobs and economies, said Thomas Bernes, a distinguished fellow at the Centre for International Governance Innovation who has held leading roles with the International Monetary Fund, the World Bank and Canada's government.

"He may not be a friend of mine anymore but I think he probably respects me", Trump said in September.

The wording on climate change was "a little bit more than the status quo but not backtracking", one European Union official said.

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