Global growth the victim of trade frictions

Before the G20 Summit in Buenos Aires, Trump had threatened to impose tariffs on an additional $267 billion of Chinese goods. He had also indicated he would raise the existing tariff rate on $250 billion of Chinese imports from 10 percent to 25 percent on Jan 1.

After Buenos Aires, the White House said that, after a "highly successful meeting", Trump had agreed to leave tariffs on Chinese products at a 10 percent rate after Jan 1, while China agreed to buy a substantial amount of products from the US.

The US and China agreed to put on hold new tariff increases. The White House said China has agreed to start purchasing substantial US agricultural, energy, industrial and other products from the US to reduce the trade imbalance; and that the US and China agreed to try to reach an agreement on several trade issues "within the next 90 days".