Kirsters Baish| China will be vastly increasing their purchases of American-made products after signing an agreement which will stop a tariff increase that President Donald Trump had threatened to put into place on January 1, 2019, officials said on Saturday.
It was reported that China made an agreement to buy “a very substantial amount of agricultural, energy, industrial, and other products from the United States to reduce the trade imbalance between our two countries,” as said by White House Press Secretary Sarah Huckabee Sanders.
China will “start purchasing agricultural product from our farmers immediately,” the White House Press Secretary said.
In her statement, Sanders said that President Trump and Chinese President Xi Jinping “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.”
America’s farmer’s faith in Trump has been rewarded…
Trump Makes Historic Truce With China In Extraordinarily Successful G20 Summit https://t.co/WwqgJ21iJ9
— Ryan Fournier (@RyanAFournier) December 2, 2018
Great news for our American farmers. Hopefully, we can remove some uncertainty from our markets. https://t.co/IHUEWREyeT
— Kyle Hansen, ALC (@KyleHansenALC) December 2, 2018
“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 percent tariffs will be raised to 25 percent,” Sanders explained.
Xi agreed to officially label fentanyl as a “controlled substance.” This means that Chinese citizens who are caught the drug are subject to the country’s maximum penalty, the White House Press Secretary explained in her statement, as reported by the White House media press pool.
BREAKING: China has agreed to label fentanyl a controlled substance after a meeting between President Donald Trump and Chinese President Xi Jinping.
The move represents a crackdown on the deadly synthetic opioid which kills well over 100 people a day in the U.S.
— Ryan Saavedra (@RealSaavedra) December 2, 2018
This decision was made after a meeting among American and Chinese officials, which was held at the G20 summit in Argentina.
“This was an amazing and productive meeting with unlimited possibilities for both the United States and China,” President Trump stated. “It is my great honor to be working with President Xi.”
During the summit meeting, President Trump made sure to place emphasis on the good relationship he has with with Xi, as reported by the New York Times.
“The relationship is very special — the relationship that I have with President Xi,” he stated.
“I think that is going to be a very primary reason why we’ll probably end up with getting something that will be good for China and good for the United States,” he continued.
Xi spoke positively of President Trump, too.
He said, “Only with cooperation between us can we serve the interest of world peace and prosperity.”