The United States is suspending a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday, and China has agreed to buy $40 billion to $50 billion in U.S. Farm products as the world’s two biggest economies reached a ceasefire in their 15-month trade war.
The announcement follows negotiations this week in Washington, in which China was widely seen as willing to make peace as long as President Trump didn’t follow through with a planned escalation of tariffs on Chinese imports.
This is the second ceasefire the two countries have called in their protracted trade war, which has riled economies worldwide. A truce was declared in June, only to be upended with tit-for-tat tariffs and recriminations.
For now, the two countries are leaving the thornier issues—including U.S. Allegations that China forces foreign countries to hand over trade secrets in return for access to the Chinese market—until later negotiations.
U.S. Tariffs on $250 billion in Chinese imports were set to rise Tuesday from 25% to 30%. China previously hit back by targeting about $120 billion in U.S. Goods, focusing on farm products.
More must-read stories from Coins2Day:
—State Department move to block impeachment inquiry testimony cracks.
—Trump pressured recall of U.S. Ambassador to Ukraine questions for
—Impeachment inquiry: What’s Rudy Giuliani’s role as Trump’s personal attorney?
—For big gig economy companies, California is no longer a Golden State
—3 questions for whistleblower advocate Joe Kostyack
—How whistleblowers have taken down titans of American business
Follow Coins2Day on Flipboard to stay up-to-date on the latest news and analysis.