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

Jaywalkers in China Forced to Watch Videos of Bloody Traffic Accidents

Shanghai traffic police are forcing jaywalkers to watch a video compilation of bloody accidents from past years.

8 Ways For Singles to Spend Valentine's Day in China

You are a fiercely independent woman/man, and you don't need any man/woman.

China’s Most Famous Laowai Apologizes for Blackface

Mark Rowswell, better known in China by his stage name Dashan, apologized on Twitter on February 8 for appearing in blackface 35 years ago.

PHOTOS: China’s Tourist Spots You're Glad You Avoided Over CNY

We’ve compiled another round of shocking photos from another year of CNY tourism mania.

8 Dead in Spring Festival Mass Murder in Northwest China

This mass murder took place in the same city where serial killer Gao Chengyong earned the nickname ‘China’s Jack the Ripper.’

9 Things to Expect During Spring Festival in China

Staying in China for CNY? Here's what to expect.

These Photos of CNY Crowds in China Will Make You Cringe

It's not the end of the world, just the end of a year.

2019 Spring Festival Gala Livestream: How to Watch Online in China

Each year, the four-hour New Year Gala is the most watched television show in the world, with at least 700 million viewers tuning in every year.

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.