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China and U.S. Agree Not to Impose More Tariffs, Says Xinhua

China and U.S. Agree Not to Impose More Tariffs, Says Xinhua

China and U.S. Agree Not to Impose More Tariffs, Says Xinhua
December 02
07:51 2018
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HONG KONG–Chinese state media have reported that the U.S. and China have agreed not to impose further tariffs after Jan. 1, heading off a plan by Washington to hike existing tariffs from 10 percent to 25 percent next year.
Both Xinhua and Chinese television station CGTN reported the trade war de-escalation from the two sides following a meeting between Trump and Xi at the G20 summit in Argentina Saturday.
In July, the U.S. hit China with the first round of tariffs on $250 billion worth of goods, prompting China to  respond in kind with its own duties on $110 billion.
Days prior to the summit, the rhetoric coming out of Washington had been antagonistic. Trump had threatened to tax the remaining $267 billion of Chinese goods at 10 to 25 percent, which combined with existing tariffs would be equivalent to the total of goods China exported to the U.S last year.
Related: Trade War: How American and Chinese Consumers are Reacting >> 

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