Top American lawmakers hailed the positive development between the US and China in trade following talks between President Donald Trump and his Chinese counterpart Xi Jinping in Argentina during which the Communist nation agreed to help reduce the trade imbalance. The leaders of the world's largest trading partners struck a temporary truce on Saturday in Buenos Aires, with Trump agreeing to maintain the 10 per cent tariffs on USD 200 billion worth of Chinese goods, and to defer his original January 1 deadline for raising them further. In exchange, China agreed it would be willing to purchase a "very substantial" amount of agriculture, energy and other goods from the United States to help reduce the trade imbalance.
China now has 90 days to work with the US to strike a deal on an array of issues, including: the large trade imbalance between the two countries, intellectual property concerns and forced technology transfers China has agreed to buy a large amount of agricultural products from US. "Maintaining and creating new market access is vital to Iowa farmers. I hear from many Iowans about the importance of standing up to China's unfair trade practices, and making progress on rebalancing the trade imbalance between our two countries," said Senator Joni Ernest from Iowa. Observing that far too many Americans are dying from heroin that has been laced with Chinese fentanyl, Senator Pat Toomey from Pennsylvania applauded Trump for securing an initial commitment from China to crack down on the production of all fentanyl-like drugs.
In an interview to Fox News, Senator Rob Portman described the decisions between US and China on trade as a positive development. However, Democratic Senator Ed Markey was critical of Trump as he alleged that his policies are putting China first. "Deferring the significant tariff hike that was set to take effect on January 1 will prevent further harm on our economies and our workers," said US Chamber president and CEO Thomas J Donohue Donohue, at the 11th meeting of the US-China CEO and Former Senior Officials' Dialogue. Along with de-escalation, the two countries must meaningfully address the long-simmering tensions that led to the trade war in the first place.