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Chinaand the United States agreed to a ceasefire in their bitter trade war onSaturday after high-stakes talks in Argentina between U.S. President DonaldTrump and Chinese President Xi Jinping, including no escalated tariffs onJan. 1. Trump will leave tariffs on $200 billion worth of Chinese imports at 10percent at the beginning of the new year, agreeing to not raise them to 25percent “at this time”, the White House said in a statement. “China will agreeto purchase a not yet agreed upon, but very substantial, amount ofagricultural, energy, industrial, and other product from the United States toreduce the trade imbalance between our two countries,” it said. “China hasagreed to start purchasing agricultural product from our farmers immediately.” China’sgoal was to persuade Trump to abandon plans to raise tariffs on $200 billion ofChinese goods to 25 percent in January, from 10 percent at present. Trump hadthreatened to do that, and possibly add tariffs on $267 billion of imports, ifthere was no progress in the talks. With the United States and Chinaclashing over commerce, financial markets will take their lead from the resultsof the talks, widely seen as the most important meeting of U.S. and Chineseleaders in years. The encounter came shortly after the Group of 20industrialized nations backed an overhaul of the World Trade Organization(WTO), which regulates international trade disputes, marking a victory forTrump, a sharp critic of the organization. Trump told Xi at the start of theirmeeting he hoped they would achieve “something great” on trade for bothcountries. He struck a positive note as he sat across from Xi, despite the U.S.president’s earlier threats to impose new tariffs on Chinese imports as earlyas the next year.


 
3/12/2018 9:00:00 AM

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