Trump and Xi Jinping

US President Donald Trump and his Chinese counterpart Xi Jinping have agreed tosuspend new trade tariffs for 90 days to allow for talks.

The two presidents met in Buenos Aires, Argentina, after the G20 summit for their first talks since a trade war erupted this year.

Advertise With Us

China says they agreed not to impose any new trade tariffs after 1 January.

At the summit earlier on Saturday, the G20 leaders agreed a joint declaration that notes divisions over trade but does not criticise protectionism.

Ahead of the G20, Trump had told US media he expected to go ahead with plans to raise tariffs on $200bn (£157bn) of Chinese goods – first introduced in September – from 10% to 25%, starting in January.

According to BBC, the White House says this move is now suspended for 90 days but adds, “If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent.”

In return, the White House adds, China agreed to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products.

Both sides have imposed tariffs on billions of dollars’ worth of goods. The US has hit $250bn of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products.