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G20: China And US Agree on Trade Tariff Truce

  • G20: China and US agree on Trade Tariff Truce.

    G20: China and US agree on Trade Tariff Truce. | Photo: Reuters

Published 2 December 2018

Presidents Xi Jinping and Donald Trump held a meeting at the G20 Summit, where they agreed to put a halt on the ongoing 'trade war' for a period of 90 days.

On Saturday, the heads of state from China and the United States had a work meeting where a consensus was reached between both nations to avoid the escalation of the trade war, for 90 days, in which they hold further conversations.

Trump: ‘Highly Unlikely’ to Stop Raising China Tariffs

“In a friendly and candid atmosphere, the two presidents had profound discussions that have lasted about two and a half hours,” mentioned Wan Yi, Chinese State Counselor and Foreign Minister.

The Chinese economic team explained that a consensus had been reached on the issue of economic and bilateral trade relations, which included a halt to raising existing and adding new ones.

China’s leadership sees the 19th National Congress of the Communist Party of China as the key space where some of the issues related to United States,' dissatisfaction of China’s process of “deepening reform will be touched on, according to the People’s Daily.

Recently, U.S. President Donald Trump threatened to go ahead with a tariff hike from 10 to 25 percent on US$200 billion of Chinese imports.

Since the United States began a trade war with China, U.S. tariffs have applied to US$250 billion of Chinese goods, and, in response, China has implemented tariffs on up to US$110 billion of U.S. products.

At the Summit meeting, China also pledged to buy agricultural, energy, and industrial products for an unspecified amount.

What I'd be doing is holding back on tariffs. China will be opening up. China will be getting rid of tariffs,” were some of Trump’s reactions to the meeting.

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