The US president and Chinese leader Xi Jinping agreed to halt new tariffs during talks at the G-20 Summit in Argentina on Saturday.

Trump gave no details about the car tariffs, and there was no immediate response from the Chinese government.

The meeting focused on a US agreement not to raise tariffs further on 1 January, while China agreed to purchase more agricultural products from US farmers immediately.

But the White House also said the existing 10% tariffs on $200bn worth of Chinese goods would be lifted to 25% if no deal was reached within 90 days.

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In a meeting in January 2017, chairman Jack Ma stated that the company was planning on getting American small businesses to sell on its platforms within 5 years.

Therefore it would create a million jobs in the U.S.

But things don’t always go as planned.

The day before, Trump decided on a 10% tariff on about $200 billion worth of Chinese imports.

China announced new trade tariffs on $60 billion of U.S. goods as a response.

At an investor conference in Shanghai on Tuesday, Ma stated that this situation would lead to ‘’a mess’’ for both parties, Reuters reported.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

This year’s summit was held in Papua New Guinea. The Prime Minister Peter O’Neill stated that ‘’the two big giants in the room’’,  China and the US, were unable to come to an agreement. The US stated during the summit that it would work with Australia in developing a naval base in Papua New Guinea, which would block China’s growing influence. US Vice President Mike Pence said that the base would help ‘protect sovereignty and maritime rights in the Pacific Islands’.

As a response, Chinese President Xi Jimping stated on Saturday that the countries who have embraced perfectionism are ‘doomed to failure’, indicating the US’s first policy.

Vice President Pence later stated that he was prepared to ‘more than double’ the tariffs imposed on Chinese goods.

Prime Minister Peter O’Neill said a chariman’s statement would be released later and that APEC would try to ensure a ‘’free and open trade’’ in the region by 2020.

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