US-China Trade War Comes to a Temporary Halt

By Jonathan Zhong, December 3, 2018

0 0

Following months of tit-for-tat retaliation over trade, China and the United States have agreed to a 90-day halt in the trade war after the top leaders of the two powers conducted discussions at the G20 meeting in Buenos Aires on December 1.

The temporary truce, which begins on January 1, 2019, will allow the two countries to conduct further talks to work out constructive plans for tackling their ongoing trade disputes and reaching a fair deal.

During the meeting, President Donald Trump agreed to decrease what could have been a 25 percent tariff rate on USD200 billion worth of Chinese goods to 10 percent. In return, President Xi Jinping agreed to purchase a “very substantial” amount of agriculture, energy and industrial products from the US to lessen the trade imbalance, although the exact amount has not yet been decided.

READ MORE: China Hits Back with Another $60 Billion in Tariffs Against US

Within the 90-day period, the two countries will endeavor to seek constructive solutions to their disputes in areas such as intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, with negotiations already being underway and China immediately beginning to purchase agricultural products from US farmers, according to the White House.

However, if during this negotiation period, the two countries fail to reach a consensus, the US will raise their tariffs to 25 percent, the White House said.

At present, both parties are pleased with the results of the meeting, with President Trump describing it as “amazing, productive… with unlimited possibilities” and Wang Yi, China’s minister of foreign affairs, saying that the talks were “very positive and constructive.”

Wang added that China is willing to expand imports from the US according to “the needs of the domestic market and the Chinese people” and that both parties are working to remove all tariffs, according to China Daily.

[Cover image via Beijing Evening News/WeChat]

more news

Only 2 China Eateries Make World's 50 Best Restaurants List

A Cantonese joint in Hong Kong is Greater China's top entry, plus the full list.

Suning in ¥4.8 Billion Acquisition of Carrefour China

Retail giant Suning.com has announced that it has come to an agreement with Carrefour China for an 80% stake in the groceries chain.

Music Label May Be At The Center Of Another US-China Spat

Taylor Swift, or ‘Moldy’ as she is known in China, may find her music at the center of another US-China spat over privacy concerns.

Woman Viciously Assaulted in China, Attacker's Whereabouts Unknown

Horrifying video footage began circulating online yesterday showing a man viciously assaulting a woman in Dalian in the dead of night.

China to Play Italy in FIFA Women’s World Cup Last 16

Heading into Tuesday’s last 16 tie against Italy, the route to the knockout stages has been far from smooth for Jia Xuiquan’s team.

Over 25 Million Flights Blocked by China's Social Credit System This Year

The credit system continues to catch fare evaders and other miscreants.

PHOTOS: China's Largest-Ever Picasso Exhibition is On Now in Beijing

The largest ever showing of works by revolutionary Spanish artist in China opened in Beijing on June 14.

Photographer Mark Leong on the Stories Behind His Stunning China Images

Leong has been gracious enough to share a selection of his work with us. Below each image, personal comments from the photographer himself.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives

Get the App. Your essential China city companion.