The United States and China have agreed to temporarily stop their trade war following high-stakes talks between President Donald Trump and Chinese President Xi Jinping, the White House says.
Based on their agreement, Washington will not increase new tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent in January.
“If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent,” a White House statement said Saturday after dinner talks between Trump and Xi on the sidelines of a G20 summit in Buenos Aires.
In the statement, Trump, who has imposed a slew of tariffs on Chinese goods and accused Beijing of meddling in US elections, called his meeting with Xi “amazing and productive.”
Meanwhile, “China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United…