Home / Finance & Economy / Trade War: Washington and Beijing agree a truce

Trade War: Washington and Beijing agree a truce

The United States and China have finally reached agreement on the reduction of tariffs applied by Washington, during the meeting between Donald Trump and Xi Jinping in Buenos Aires in the G20.

Washington has announced the suspension of the planned increase in tariffs against China. After this meeting, the White House said the decision to raise tariffs was only suspended, specifically for a period of 90 days. During this period, the two giants of world trade will have to find a solution on “structural changes” in their commercial relations, especially about “forced” transfers of technology and intellectual property, “the 10% customs duties will be 25%”, says the US presidency.

The United States seems to have obtained some benefits from this meeting. Thus, they obtained from China a commitment to buy more US products to “reduce the huge trade imbalance between the two countries”. Beijing will start “immediately” to buy American agricultural products, ensures the White House.

Check Also

OCP partners with Israel Chemicals Group

The Moroccan fertilizer giant OCP-Group and the Israeli ICL signed a memorandum of understanding for …

Leave a Reply