Trump Agrees To Temporary Tariff Truce W/China
TRUMP AGREES TO FREEZE HIGHER TARIFFS ON $200M IN CHINESE GOODS - FOR NOW
(CNN) – It’s a truce… For now.
President Donald Trump and Xi Jinping have reached a tentative agreement.
This according to a statement from White House press secretary Sarah Sanders.
Meeting in Argentina on Saturday, Trump agreed to maintain the 10% tariffs on $200 billion worth of Chinese goods;
rather than raising them to 25%.
In exchange, china has agreed to purchase a quote very substantial amount of agriculture and energy goods from the U.S.
The statement goes on to say that the two countries will immediately begin negotiations on top U.S. concerns, including forced technology transfer and cyber theft.
If an agreement is not reached within 90 days, the 10% tariffs will rise to 25%.
Also decided during the meetings: China will reclassify fentanyl as a controlled substance.
A move the White House is calling a quote wonderful humanitarian gesture.