Trump, Xi agree to 90-day tariff “truce”
President Trump and Chinese President Xi Jinping put their bi-lateral trade war on pause for 90 days. The agreement was reached at the G-20 summit in Argentina on Saturday.
Over the next 90 days, American and Chinese officials will continue to negotiate issues of technology transfer, intellectual property and agriculture. President Trump will not increase the tariff amount from 10% to 25% that was expected on January 1, 2019.
China has agreed to purchase a substantial amount of agricultural, energy, industrial and other products from the US to reduce the trade balance. China will also designate Fentanyl a controlled substance and will be subject to stiff penalties in China if caught selling the product to the US.