U.S., China decide to hold off fresh tariffs for 90 days-Washington keeps the rate at 10%; Beijing agrees to buy American farm products
- China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days.
- The White House said that President Donald Trump told Chinese President Xi Jinping during high-stakes talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25% on January 1 as previously announced.
- Beijing for its part agreed to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products from the U.S., the White House said in a statement.
New trade talks
- The two sides will also launch new trade talks to address issues, including technology transfer, intellectual property, non-tariff barriers, and agriculture, it said.
- If no deal is reached within 90 days, both parties agreed that the 10% tariffs will be raised to 25%.
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