US Halts Next Phase of Tariff Hike on Chinese Imports after US-China negotiators Reached a Limited Agreement
October 12 , 2019
The USA has agreed not to raise its tariffs to 30% on Chinese imports next week after a 2-day long trade negotiation between the Chinese and US negotiators in Washington. Top Chinese negotiator Liu He also reportedly expressed happiness with the progress. The US President Donald Trump said that a phase one deal has been reached by the negotiators. The deal includes the increased purchase of agricultural produce and assurance to address the issues related to technological theft and financial services. The US stock market responded positively by closing in the green. However, at the end of the day, it shed some gains after it became clear that the scope of the agreement was relatively limited. The US President also said that the next phases of negotiations will start as soon as the agreed-upon points are put on paper.