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

0
99
The White House announced on Saturday that United Stated had agreed to suspend new tariffs for 90 days to China in the most awaited Summit. It is said that the two powerful countries are keen to end the trade war.
Announcement also said, “Threatened increase of tariffs on $200 billion worth of Chinese goods from 10 to 25 % was to be brought to effect from 1st January 2019, but it will now be put off for a period of 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent. Also china agreed to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products from U.S.”
The two leaders- President Donald Trump and Xi JinPing finalised after dinner talks on the sidelines of G20 summit held in Buenos Aires.
According to reports, Trump seem to be soften his approach towards China. In his statement, he said, “This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honor to be working with President Xi.”
According to trade analysts, this a good sign for trade and hope that the relations improve, but this definitely has a risk involved. Both leaders have definitely put the best foot forward.