The United States and China have announced a ceasefire in their tariffs war, hours after US President Donald Trump upended another international forum by snubbing G20 action on trade disputes and climate change.
Over a dinner of steaks and Argentine wine in Buenos Aires, Trump and President Xi Jinping brokered a truce to ensure that — for now — there will be no further escalation to their tit-for-tat imposition of tariffs on goods worth hundreds of billions of dollars.
Trump withdrew his threat to raise the US tariffs even more on January 1, in return for a promise from China to buy more US goods and enter into a 90-day period of talks to resolve their differences.
Those include market access for US companies and protecting their intellectual property from theft by Chinese rivals.
Absent agreement in that time, tariffs now set at 10 percent will be raised to 25 percent, according to a White House statement.
“This was an amazing and productive meeting with unlimited possibilities…
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