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US-China Agrees to Ceasefire Tariff War for 90 Days

  • The US President Donald Trump and Chinese President Xi Jinping had their first talk in Argentinean capital Buenos Aires after the G20 summit since the trade war started between the two behemoths. They agreed not to impose any new tariff on each other for the coming 90 days. China has agreed not to impose any further tariffs on American goods and services after January 1, 2019. Just before the start of the G20 summit, the US President said that they were in the process of imposing new tariffs on US$200 Billion worth of Chinese goods. After the meeting with Chinese leaders, the White House has said that the new tariffs will not be imposed for 90 days. The press statement also says that the tariffs will be increased from 10 to 25 percent if “the parties are unable to reach an agreement” by the end of 90 days.