“It’s A Truce”: Trump, Xi Agree No New Tariffs After January 1, Keep Tariffs At 10% For 90 Days
(ZeroHedge) Well over an hour after “the most anticipated dinner between US and Chinese presidents in years” was over, Chinese state-run TV, CGTV, finally reported that Trump and Xi had agreed to keep the US-Chinese trade war from escalating with a promise to temporarily halt the imposition of new tariff, effectively declaring a truce.
As part of the truce reached between the two leaders, no additional tariffs will be imposed after Jan. 1, CGTN reported.
Meanwhile, according to the White House, Trump and Xi had a “highly successful meeting”, with the White House saying that Trump had agreed to leave tariffs on US products at a 10% rate after January 1 as China agreed to buy a substantial amount of products from the US.
However, the trade war “truce” is only temporary: after 90 days, if a trade pact is not reached between the US and China, the tariffs will rise to 25% after all.
From Bloomberg:
- TRUMP AGREED TO LEAVE TARIFFS OF PRODUCTS AT 10% RATE ON JAN.1
- WHITE HOUSE SAYS U.S., CHINA AGREE TO 90-DAY NEGOTIATION ON RANGE OF SUBJECTS: DJ
- IF CHINA, U.S. DON’T REACH PACT, TARIFFS TO RISE TO 25%: WH
- U.S., CHINA TO STEP UP TALKS ON CANCELING ALL TARIFFS: WANG
- XI OPEN TO APPROVING QUALCOMM-NXP DEAL IF PRESENTED AGAIN: U.S.
Meanwhile, in order to achieve the temporary ceasefire, and in what may be seen as a victory for Trump, the White House said that China has agreed to start purchasing “very substantial” US agricultural, energy, industrial and other products “immediately” from the US to reduce the trade imbalance.
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(TLB) published this story from ZeroHedge as compiled by Tyler Durden.
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