No New Tariffs: Trump Wins Trade War With China

U.S. President Donald Trump was able to extract a number of concessions from Chinese President Xi Jinping in exchange for not imposing any new tariffs on Chinese goods.

Trump reached a major agreement while meeting with the world’s top leaders over the weekend. At the G-20 summit in Buenos Aires, Argentina, Trump and Xi spoke for two and a half hours Saturday night — an hour longer than previously scheduled. The meeting, which Trump called “amazing and productive,” has temporarily staved off an escalating trade battle between the world’s two biggest economies.

Xi agreed to immediately begin buying more agricultural products from American farmers, along with a pledge to purchase more industrial and energy products. While the specifics of the trade agreements have not been announced, the White House says the deal will help correct the trade imbalance between China and the U.S. Xi has also agreed to a number of cybersecurity and property theft concessions

Additionally, China has also agreed to label the opioid fentanyl as a controlled substance, making anyone who sells fentanyl to the U.S. subjected to harsher penalties under Chinese law. The labeling will help the federal government as it fights an historic death rate from opioid overdose.

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