US, China agree to suspend new tariffs
(VOVWORLD) - The US said on Saturday that it agreed with China to suspend new tariffs for 90 days before reaching a trade agreement. The statement came after a meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 summit.
 US President Donald Trump and Chinese President Xi Jinping (Photo: Nicolas Asfouri/AFP/Getty Images) |
The White House said a threatened increase of tariffs on 200 billion USD worth of Chinese goods from 10% to 25%, would be put off. China agreed to purchase a very substantial amount of agricultural, energy, industrial, and other product from the US to reduce the trade imbalance between the two countries. If after 90 days, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent, the White House statement said.
On the same day, Chinese Foreign Minister Wang Yi affirmed that the leaders agreed to pause the introduction of new tariffs and intensify their trade talks after January 1 next year. He added that the agreement stops the escalation of economic tensions and opens opportunities for win-win cooperation between China and the US.