China-US Ceasefire Paves Way For New LNG Projects

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Chinese President Xi Jinping (R) meets with his US counterpart Donald Trump in Buenos Aires, Argentina, Dec. 1, 2018.

The Great Leap Forward was a cornerstone of Chairman Mao Zedong's move toward a socialist economy by requiring farmers to "collectivize" their property and operations, and by forcing farm workers to take industrial jobs.

The sticking points include "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture", according to an official White House statement.

Beyond the staying of further tariff implementation, the second most important outcome of the G20 encounter is that we're now entering another period of protracted uncertainty.

"Working in close cooperation with G20 members and other relevant stakeholders, Saudi Arabia said it looks forward to a successful Presidency where it will play a leading and constructive role in contributing to a positive and sustainable impact in our region and the world at large".

Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".

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Trump said in exchange for the pause, China intends "to start purchasing agricultural product immediately" after saying in a late Sunday night tweet that Beijing "agreed to reduce and remove" a 40 percent tariff on USA vehicle imports.

The state-run China Daily struck a cautious tone.

"Beyond the political spin, the meeting between Trump and Xi can be considered a success in that the threatened escalation of trade tensions has been pushed back three months and the two parties are once again communicating", Greg Daco of Oxford Economics said.

Under the agreement reached in Buenos Aires, the two countries have 90 days to resolve their differences over Beijing's tech policies.

Both sides have imposed tariffs on billions of dollars' worth of goods.

China, the world's largest car market, raised tariffs on USA auto imports to 40 percent in July, forcing many automakers to hike prices in a major hit to the about US$10 billion worth of passenger vehicles the United States sent to China past year. The US has hit $250b of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110b of US products.

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There was no immediate statement from either side when the dinner of more than two hours ended in Buenos Aires.

Trump's surprise announcement late Sunday came a day after he and Chinese President Xi Jinping agreed to suspend any new tariffs and give negotiators 90 days to strike a deal.

Joining other forecasters, economists at the Organization for Economic Co-operation and Development last week downgraded their outlook for global economic growth next year to 3.5 percent from a previous 3.7 percent.

The White House called the meeting "highly successful", citing Trump's statement that: "This was an incredible and productive meeting with unlimited possibilities for both the United States and China".

Contrast that with the USA statement, which focused more narrowly on the truce's benefits for its side.

According to the White House, China is open to reconsidering Qualcomm's bid to buy Dutch chip rival NXP, which it previously blocked. A total of $US10.5 billion worth of new and used cars were shipped to China from the U.S. in 2017, according to the Census Bureau.

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Darya Tarasova reported from Moscow , Laura Smith-Spark reported from London and Radina Gigova reported from Atlanta. Other world leaders quickly issued statements condemning the clash and urging a de-escalation.

Trump also said he would shortly be providing formal notice to Congress that he will terminate the North American Free Trade Agreement, giving lawmakers six months to approve the replacement he signed Friday.

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