US and China agree to suspend new tarrifs

Posted by News Express | 2 December 2018 | 696 times

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•US President Trump with his Chinese counterpart, Xi Jinping

US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says.

At a post-G20 summit meeting in Buenos Aires, Mr Trump agreed not to boost tariffs on $200bn (£157bn) of Chinese goods from 10% to 25% on 1 January.

China will buy a "very substantial" amount of agricultural, industrial and energy products, the US says.

Meanwhile, Beijing says the two sides agreed to open up their markets.

It was the first face-to-face meeting between the two leaders since a trade war erupted earlier this year.

 The dispute broke out after Mr Trump complained China was doing nothing to cut its large surplus in bilateral trade.

At the summit in Argentina's capital earlier on Saturday, the G20 leaders agreed a joint declaration that notes divisions over trade but does not criticise protectionism. (BBC)


Source: News Express

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