Trade truce: China to open markets, US delays tariffs for 90 days
CHINA and the US have agreed to a 90-day trade war truce after China said it to allow "very substantial" amount of American goods to be sold on the mainland, reports the South China Morning Post.
"It's an incredible deal," said US President Donald Trump. "China will be opening up. China will be getting rid of tariffs. It'll have an incredibly positive impact on farming."
Under the deal, US President Donald Trump has agreed to hold off on raising the tariff rate on US$200 billion of Chinese imports for 90 days to allow for talks to address US concerns on Chinese trade practises, the White House
If there is no deal at the end of the 90-day grace period, the US will increase tariffs on the US$200 billion of goods from 10 per cent to 25 per cent.
"President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cybertheft, services and agriculture," the White House said.
China agreed to buy a "very substantial amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately."
However, the exact value of the purchases had not yet been agreed, the White House said.
Chinese Foreign Minister Wang Yi said China had agreed to import more US goods "according to its domestic market and people's demands", which will include "buying more products from the US to gradually address the trade imbalance".
Mr Wang also said that China would gradually solve the "legitimate concerns" of the US side, but did not elaborate. He said the two sides would continue negotiations with the goal of "removing of all additional tariffs".
Chinese President Xi Jinping and President Trump had "friendly and candid" talks over dinner and reached an "important consensus", the Chinese foreign minister said.
Dinner discussions about de-escalating tensions between the world's two largest economies lasted an hour longer than expected.
Both sides appeared satisfied at the end of the gathering, and applause was heard in the room as the dinner drew to a close.What I'd be doing is holding back on tariffs. China will be opening up. China will be getting rid of tariffs."
In China, state media said China had subdivided 53 "structural issues" raised by the US into 142 items, and classified them as either "agreeable for mutual concession", "negotiable" or "unacceptable". It added that the US had also "positively addressed" what China considered "long overdue" issues.
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