U.S. suspends tariff hike for 90 days, agrees with China to work to resolve trade row
TOKYO, NNA - The United States has agreed with China to avoid escalating their trade dispute, suspending for 90 days its plan to raise tariffs on Chinese imports on Jan. 1.
President Donald Trump and his counterpart Xi Jinping met on Saturday in Buenos Aires on the sidelines of a summit of the Group of 20 industrialized and emerging economies.
Washington said it will maintain the tariffs on $200 billion worth of Chinese imports at 10 percent but agreed not to raise them to 25 percent in exchange for more imports of U.S. products.
China agreed to “purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries," White House press secretary Sarah Huckabee Sanders said in a statement.