International. For a period of 90 days, the United States has suspended the increase in tariffs on China, a trade truce that occurred during the meeting of the presidents at the G20 Summit held last weekend in Buenos Aires, Argentina.
On trade, President Donald Trump agreed that on January 1, 2019, he will leave tariffs on $200 billion worth of goods at a rate of 10%, and will not raise them to 25% at this time. China will agree to buy an unagreed, but very significant, amount of agricultural, energy, industrial and other products from the United States to reduce the trade imbalance between the two countries. China agreed to immediately start buying agricultural products from American farmers.
President Trump and President Xi Jinping agreed to immediately begin negotiations on structural changes regarding forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will attempt to complete this transaction within the next 90 days. If at the end of this time period, the parties cannot reach an agreement, the 10% tariffs will be raised to 25%.
President Trump: "This was an amazing and productive meeting with limitless possibilities for both the United States and China. It is a great honor to work with President Xi."
Source: The White House.
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