Trump-Xi Meeting: Trump, Xi Agree To 90-Day Tariffs Cease-Fire To Contain China Trade War
U.S. President Donald Trump and Chinese President Xi Jinping agreed to keep their trade war from escalating with a promise to temporarily halt the imposition of new tariffs as the world's two largest economies negotiate a lasting agreement.
The truce between the U.S. and China emerged after a highly anticipated dinner Saturday between Trump and Xi on the sidelines of the Group of 20 summit in Argentina. The leaders agreed to stop the introduction of new tariffs and intensify their trade talks, Chinese Foreign Minister Wang Yi told reporters hours later in Buenos Aires.
Trump Xi Meeting 'Highly Successful'
The White House called the Trump-Xi meeting "highly successful," saying the U.S. will leave existing tariffs on $200 billion of Chinese goods at 10% and refrain from raising that rate to 25% as planned on Jan. 1. In exchange, the U.S. wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices: intellectual property theft, non-tariff barriers and cyber theft.
After 90 days, if there's no progress on structural reform, the U.S. will raise those tariffs to 25%, White House Press Secretary Sarah Huckabee Sanders said in a statement. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the U.S., she said.