President Trump ended his G20 Summit on a positive note with a very successful meeting on trade with China. The US and China held the meeting immediately after the group photo with the 20 world leaders that signaled and end to the summit.
The Executive Editor of the South China Morning Post reported:
The dinner between Trump and Xi’s team lasted longer than planned. At the end of the dinner, a big applause can be heard in the room. Signs bode well for a deal between the two.
In fact, it is going so well the two sides decide to take a “family photo” at the end – which is not something in the original plan.
The dinner between Trump and Xi's team lasted longer than planned. At the end of the dinner, a big applause can be heard in the room. Signs bode well for a deal between the two. SCMP will have more information soon. https://t.co/ImcCqSjLDb
— Chungyan Chow (@ChungyanChow) December 1, 2018
President Trump had this to say after the successful meeting during his flight home on Air Force One:
“It’s an incredible deal…if it happens, it goes down as one of the largest deals ever made… And it’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers…every type of product.”
A STATEMENT AFTER THE DINNER INCLUDED DETAILS
-The Trump-Xi dinner here was a “highly successful meeting,” the President’s Press Secretary said in statement and the Chinese president, “in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance.”
-President Trump agreed that on Jan. 1, he’ll “leave tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time.”
-“China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries.”
-China has also “agreed to start purchasing agricultural product from our farmers immediately.”
-“President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services, and agriculture,”
-“Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%,” according to the White House statement.
-“President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.”
THOSE IN ATTENDANCE AT THE MEETING:
Trade policy adviser Peter Navarro, Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin, White House Chief of Staff John Kelly, U.S. Trade Representative Robert Lighthizer, National Security Adviser John Bolton, the president’s son-in-law Jared Kushner (who is a senior adviser) and Larry Kudlow, assistant to the president for economic policy.
A great team from the Trump administration with Peter Navarro being the most hawkish when it comes to trade with China.
The Art of the Deal in action!