10:53 GMT +315 December 2018
Listen Live
    In this Nov. 9, 2017, file photo, U.S. President Donald Trump, right, chats with Chinese President Xi Jinping during a welcome ceremony at the Great Hall of the People in Beijing

    Trump, Xi Agree Not to Impose Trade Tariffs After January 1

    © AP Photo / Andy Wong, File
    Asia & Pacific
    Get short URL
    71915

    BEIJING (Sputnik) - US President Donald Trump and Chinese leader Xi Jinping agreed Saturday that no new tit-for-tat tariffs will be imposed after January 1 as trade talks continue, Chinese state media said. Later, White House and Chinese top diplomat confirmed the information.

    The CGTN television channel said the two leaders had made the arrangement at a meeting in Buenos Aires, which is hosting a Group of 20 summit of the most industrialized economies.

    Later, White House announced that China and US agreed to try to reach an agreement on several trade issues "within the next 90 days." The statement said that Donald Trump agreed to leave tariffs on $200 Bn worth of Chinese products at the 10 per cent rate, and not to raise it to 25 per cent on after January 1.

    The White House also stated that China will agree to purchase "very substantial" agricultural, energy, industrial and other products from the United States to reduce the trade imbalance.

    The White House noted however that US government would raise the tariffs to 25% if no agreement has been reached on trade within 90 days.

    Meanwhile, Chinese state Councillor Wang Yi also announced that Xi Jinping and Donald Trump agreed to halt the imposition of additional trade tariffs, Xinhua agency reported. "The two leaders reached consensus to stop imposing new tariffs," Wang said. The minister also said that Xi Jinping and his American counterpart agreed to exchange visits in due course.

    China and the United States have been engaged in a major trade dispute following the announcement of the introduction of steel and aluminium import duties by US President Donald Trump in March. The tensions further heightened in late May when Washington announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, which prompted a harsh retaliation from Beijing.

    READ MORE: Trade Representative Denies Claims US Put Upcoming China Tariffs on Hold

    The Wall Street Journal reported on Thursday that on the eve of the G20 summit in Argentina the United States and China were mulling an agreement in which Washington would delay imposition of future tariffs in exchange for talks on a major overhaul of Chinese economic and trade practices.

    Related:

    Trump at Talks With China's Xi: 'I Believe There's Solution' to N Korea Crisis
    Trump, Xi Agreed to Keep Sanctions Against N Korea, Until It Stops Nuclear Tests
    Trump Intends to Settle Trade Row With China Amid 'Very Good' Relations With Xi
    Tags:
    tariff war, Xi Jinping, Donald Trump, China, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik