US, China agree to 90-day truce to hash out trade differences

The U.S. and China have agreed to a 90-day truce in a bid to work out their trade differences. The news came Saturday following a dinner meeting between President Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires. As part of the detente, Trump agreed to delay plans to raise … Continue reading “US, China agree to 90-day truce to hash out trade differences”

The U.S. and China have agreed to a 90-day truce in a bid to work out their trade differences. The news came Saturday following a dinner meeting between President Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires.

As part of the detente, Trump agreed to delay plans to raise tariffs on $200 billion in Chinese goods that would have taken effect Jan. 1. China agreed to buy a “substantial amount” of agricultural, energy and industrial products from the U.S. to reduce the trade deficit.

"It's an incredible deal," Trump told reporters aboard Air Force One, on his way back to Washington. "What I'll be doing is holding back on tariffs. China will be opening up, China will be getting rid of tariffs. China will be buying massive amounts of products from us."

"It’s an incredible deal. What I’ll be doing is holding back on tariffs. China will be opening up, China will be getting rid of tariffs. China will be buying massive amounts of products from us."

— President Donald Trump

The temporary agreement will give both nations time to iron out their differences. If not, the $200 billion in planned tariffs will go into effect.

Trump has already imposed tariffs on $250 billion on Chinese products. In response, China slapped taxes on $110 billion in American goods.

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The meeting came during Trump’s weekend trip to Argentina where he canceled a meeting with Russian President Vladimir Putin amid tensions between Russia and Ukraine. He also canceled a Saturday news conference following the death of former President George H.W. Bush.

"It's great the two sides took advantage of this opportunity to call a truce," said Andy Rothman, investment strategist at Matthews Asia. "The two sides appear to have had a major change of heart to move away from confrontation toward engagement. This changes the tone and direction of the bilateral conversation."

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 U.S. chipmaker Qualcomm that it had previously blocked.

China nixed the proposed purchase of Dutch semiconductor manufacturer NXP by the chipmaker over antitrust concerns.

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White House press secretary Sarah Sanders said China's decision to label the drug as a controlled substance means that "people selling fentanyl to the United States will be subject to China's maximum penalty under the law."

The U.S. has pressured China to take a tougher stance against the drug, which is 50 times more powerful than heroin. Most of the U.S. supply of the drug is made in China.

Washington has also accused Beijing of selling trade secrets and forcing American companies to hand over technology in exchange for access to Chinese markets.

The Associated Press contributed to this report.

Trump, Putin had ‘informal’ meeting at G-20, White House says

President Trump and Russian leader Vladimir Putin had an “informal” conversation at the Group of 20 Summit in Buenos Aires on Friday, the White House said.

“As is typical at multilateral events, President Trump and the First Lady had a number of informal conversations with world leaders at the dinner last night, including President Putin,” White House press secretary Sarah Sanders said in a statement Saturday, according to the Hill.

Trump had previously canceled a more formal meeting with the Russian leader, citing recent territorial disputes between Russia and Ukraine.

"Based on the fact that the ships and sailors have not been returned to Ukraine from Russia, I have decided it would be best for all parties concerned to cancel my previously scheduled meeting" with Putin, Trump wrote on Twitter on Thursday.

Russia recently seized three Ukrainian naval vessels and detained its sailors, as the neighboring countries continue to clash.

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Ukraine says the sailors were taken in international waters, while Russia argues the ships violated its borders.

“I answered his questions about the incident in the Black Sea,” Putin told reporters. “He has his position. I have my own. We stayed in our own positions.”

Western leaders banded together at the summit to denounce Russia’s actions in Ukraine.

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Trump appeared to avoid Putin for most of the day Friday, breezing past him as world leaders stood for a photo.

"If the domestic situation and the pressure from Russophobes like Ukraine and its sponsors prevent the U.S. president from developing normal ties with the Russian president … we will wait for another chance," Russian Foreign Minister Sergey Lavrov said, adding "love can't be forced."

Trump also met with Chinese leader Xi Jinping, where they agreed to a 90-day truce in a bid to work out U.S. and China's trade differences.

The Associated Press contributed to this report. 

Trump and the Argentina G20 summit: What to know about the large gathering of world leaders

World leaders have descended on Buenos Aires for the two-day G20 summit.

The summit of the globe’s largest economies began Friday. But before it even got started, drama between some nations attending the gathering escalated.

President Trump, who left for the summit Thursday, already sign a revised North American trade pact with Canada and Mexico. And ahead of his arrival in Argentina, he abruptly canceled a sit-down with Russian President Vladimir Putin.

Read on for a look at what to know about the summit.

The setting

Heads of state from the world’s leading economies were invited to the Group of 20 summit to discuss issues like development, infrastructure and investment. (AP Photo/Ricardo Mazalan)

For two days, the leaders of nearly two dozen nations will convene in Buenos Aires, Argentina for the G20 summit.

It is the first time the summit has taken place in South America. It was held in Germany last year.

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The summit was founded in 1999 as a forum of central bank presidents and finance ministers, according to its website. It began to include heads of government in 2008 during the international financial crisis.

According to the Financial Times, the host country could be seen as more vulnerable as the Argentine peso was devalued in recent months.

The participants

The flags of Argentina, right, and South Korea flutter atop the plane carrying South Korea’s President Moon Jae-in on his arrival to the Ministro Pistarini international airport for the G20 Summit in Buenos Aires, Argentina. (AP Photo/Martin Mejia)

Along with host nation Argentina, the participants include Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Spain, Turkey, the United Kingdom and the United States.

Regional groups represented by Rwanda, Senegal and Singapore are also invited, as is Jamaica on behalf of the Caribbean Community (CARICOM).

Additionally, the host nation is able to invite other guests. Argentina invited Chile and the Netherlands this year.

The plan

President Donald Trump (center), Canada’s Prime Minister Justin Trudeau (right) and Mexico’s President Enrique Pena Neto (left) participate in the USMCA signing ceremony, Nov. 30, 2018 in Buenos Aires, Argentina. (AP Photo/Pablo Martinez Monsivais)

The weekend is packed with meetings divided into two “channels."

Meetings in the financial channel feature central bank presidents and finance ministers to discuss “global collaboration in financial and monetary policies, which may include issues such as investment in infrastructure, fiscal policy, inclusion and financial regulation.”

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The second channel is the “Sherpas channel” which includes a variety of non-financial topics such as gender quality or energy.

The summit also encourages participation in “affinity groups” that deal with business, labor, youth and science, among other things.

Since the presidency of the summit changes each year, Argentina will participate in what is called a “troika” with last year’s president (Germany) and next year’s (Japan) to ensure “continuity in the group’s agenda.”

Trump joined Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Pena Nieto to sign a revised North American trade pact that he called "groundbreaking" and a benefit for "working people." The U.S.-Mexico-Canada Agreement is meant to replace the 24-year-old North American Free Trade Agreement, which Trump has long denigrated as a "disaster."

The drama

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“The G20 Leader's Summit is at risk of falling into disarray with the summit being overshadowed by items not on agenda, such as the United States and China trade war, Russia's aggression against Ukraine and the presence of the Saudi crown prince,” Thomas Bernes of the Centre for International Governance Innovation, a Canada-based think tank focusing on global governance, told The Associated Press.

“The true test will be whether the other members of the G20 will act resolutely or whether will we witness the crumbling of the G20 as a forum for international economic cooperation.”

Ahead of the summit, Trump nixed a meeting with Putin, citing the seizure of Ukrainian ships and crews in the Black Sea by Russia.

“Based on the fact that the ships and sailors have not been returned to Ukraine from Russia, I have decided it would be best for all parties concerned to cancel my previously scheduled meeting in Argentina with President Vladimir Putin,” Trump announced in a tweet. “I look forward to a meaningful summit again as soon as this situation is resolved!”

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Then there’s the brouhaha surrounding Mohammed bin Salman, the Saudi crown prince. He’s been accused of war crimes in Yemen and responsibility for the gruesome slaying of newspaper columnist Jamal Khashoggi inside the Saudi consulate in Istanbul last month. The kingdom has denied he played a role in the murder.

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Argentine legal authorities took action to consider a request from Human Rights Watch to prosecute him for alleged crimes against humanity, a move apparently aimed at embarrassing him as he attends the summit. Argentine President Mauricio Macri said the killing would be “on the table” during bilateral meetings during the summit.

Trump, on the other hand, has been widely criticized for his response to the killing.

And some European leaders at the summit are facing domestic struggles at home. French President Emmanuel Macron has faced massive protests over rising fuel taxes. Britain’s Theresa May is fighting for political survival as she tries to pull her country out of the EU. And Italy’s Giuseppe Conte heads up a populist coalition that is clashing with the EU and suffers internal divisions.

Fox News’ Adam Shaw and The Associated Press contributed to this report.

Kaitlyn Schallhorn is a Reporter for Fox News. Follow her on Twitter: @K_Schallhorn.

Hundreds of US troops on alert in Uruguay to protect Trump at G20

Some 1,000 American troops and aircraft based in Uruguay are on alert to protect President Trump as he attends the G20 summit in Argentina this week.

The protection for Trump, who will do a 48-hour diplomatic blitz of high-level meetings with foreign leaders at the summit, was assured after the Uruguayan government approved the entry of American troops after much debate in the country.

Earlier this month, Uruguay’s Senate approved a law that allowed the U.S. to deploy its military in the country as an effort to provide security for the G20 summit.

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The bill authorized the entry into Uruguay of three U.S. fuel cargo aircraft, two transport aircraft and three AWACS planes as well as 400 U.S. military personnel and civilians who would be the crew and provide support and maintenance.

But the measure didn’t pass without any controversy, with Uruguay’s left-wing groups and trade unions speaking out about the presence of American troops, deeming them a risk to Uruguay’s safety.

“The armed forces of the United States have not been and will not be welcome in Latin America,” said Constanza Moreira, a left-wing politician, who eventually voted in favor of the bill.

"The armed forces of the United States have not been and will not be welcome in Latin America."

— Constanza Moreira, left-wing Uruguayan lawmaker who ultimately OK’d the troops’ presence

“I am against it. They didn’t give me freedom of action. This is what I call the club of the rich. We don’t support rich clubs. Uruguay has nothing to do with the G20. I do not understand why Uruguay is being used as a base of operations,” she added, according to left-leaning People’s Dispatch.

One of the largest trade unions in the country, PIT-CNT, also released a statement opposing the presence of American troops, claiming they represented “a risk to national sovereignty” and that it didn’t make sense logistically as the summit will be held in neighboring Argentina.

At the G20 summit, Trump has jam-packed eight meetings with foreign leaders, but on Thursday he announced that he will cancel a meeting with Russia's President Vladimir Putin over Russia's tensions with Ukraine after the Russian military seized three Ukrainian naval ships.

The White House also said the meetings with the leaders of Turkey and South Korea would be substituted with informal conversations, while a meeting with Japanese Prime Minister Shinzo Abe will be held jointly with Indian Prime Minister Narendra Modi.

The Associated Press contributed to this report.

Lukas Mikelionis is a reporter for FoxNews.com. Follow him on Twitter @LukasMikelionis.