U.S., China declare 90-day halt to new tariffs, White House says




G20 leaders summit in Buenos Aires
G20 leaders summit in Buenos Aires  

BUENOS AIRES (Reuters) - China and the United States have agreed to halt additional tariffs as both nations engage in new trade negotiations with the goal of reaching an agreement within 90 days, the White House said on Saturday after President Donald Trump and Chinese President Xi Jinping held high-stakes talks in Argentina.

Trump agreed not to boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced, while Beijing agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said in a statement. China "is open to approving the previously unapproved" deal for U.S. company Qualcomm Inc <QCOM.O> to acquire Netherlands-based NXP Semiconductors <NXPI.O> "should it again be presented."

In July, Qualcomm - world's biggest smartphone-chip maker - walked away from a $44 billion deal to buy NXP Semiconductors after failing to secure Chinese regulatory approval, becoming a high-profile victim of the Sino-U.S. trade dispute.

The White House said that if agreement on trade issues including technology transfer, intellectual property, non-tariff barriers, cyber theft and agriculture has not been reached with China in 90 days that both parties agree that the 10 percent tariffs will be raised to 25 percent.

Trump slapped 10 percent tariffs on $200 billion in Chinese goods in September. China responded by imposing its own round of tariffs. Trump has also threatened to add tariffs on another $267 billion of Chinese imports.

Xi agreed to designate the drug fentanyl as a controlled substance, the White House said. For more than a year, Trump has raised concerns about the synthetic opioid being sent from China to the United States, which is facing an epidemic of opioid-related deaths.

China also agreed to start purchasing agricultural products from U.S. farmers immediately, the White House said.

U.S. companies and consumers are bearing part of the cost of the U.S. tariffs on China by paying higher prices for goods, and many companies have hiked prices on imported goods. At the same time, U.S. farmers have been hurt by reduced Chinese imports of soybeans and other products.


(Reporting by David Shepardson in Washington; Editing by Will Dunham)

COMMENTS

More Related News

Republicans beginning to worry about Trump re-election
Republicans beginning to worry about Trump re-election

President Donald Trump's intensifying legal troubles are unnerving some of his fellow Republicans. Trump, ever confident of his ability to bend story lines to his will, mocks the investigations into his conduct as candidate and president as a "witch hunt" and insists he will survive the

Pence aide out of running to be Trump
Pence aide out of running to be Trump's next chief of staff

President Donald Trump evaluated new candidates to serve as his next chief of staff Sunday after plans for an orderly succession for departing John Kelly fell through. No obvious successor was in sight and there was some fretting that Trump may not be able to fill the job by the time Kelly was set to

Top House Dems raise prospect of impeachment, jail for Trump
Top House Dems raise prospect of impeachment, jail for Trump

WASHINGTON (AP) - Top House Democrats on Sunday raised the prospect of impeachment or almost-certain prison time for President Donald Trump if it's proved that he directed illegal hush-money payments to women, adding to the legal pressure on the president over the Russia investigation and other scandals

Jared Kushner Gave Saudi Crown Prince Advice After Khashoggi Slaying: NY Times
Jared Kushner Gave Saudi Crown Prince Advice After Khashoggi Slaying: NY Times

According to a NY Times report, Jared Kushner offered Mohammed bin Salman advice about how to weather the storm following the journalist's death.

Comey: Russia investigation initially looked at 4 Americans
Comey: Russia investigation initially looked at 4 Americans

The FBI's counterintelligence investigation into potential ties between the Trump campaign and Russia initially focused on four Americans and whether they were connected to Russian efforts to interfere in the 2016 presidential election, former FBI Director James Comey told lawmakers during hours

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.