Trump, Xi to Hold Back Implementation of New Tariffs

(Source: Internet)

The US and China called a truce in their trade war at the G20 summit in Ar­gentina after President Trump agreed to halt new tariffs on Chinese goods while Presi­dent Xi promised to increase Chinese purchases of US goods.

The White House described the summit as “highly success­ful”. The US originally planned to implement a 25 percent tariff – previously 10 percent – on $200 billion Chinese goods, but after the summit, it was revealed that the US will leave the tariff at 10 percent.

However, the White House also noted “If at the end of this period of time (90 days), the par­ties are unable to reach an agree­ment, the 10 percent tariffs will be raised to 25 percent.”