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US/China take first steps to ease trade tensions

The US and China have reportedly declared a cease-fire to their tit-for-tat trade war.  According to a statement from the White House, President Trump will delay plans to increase tariffs on $200 billion of Chinese goods that were set to go into place January 1, 2019.

In response to the President agreeing to not increase tariffs, China has agreed to purchase a “very substantial” amount of agricultural goods from the US.

Negotiations will begin immediately and will address intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services, and agriculture. 

Both parties want negotiations completed within the next 90 days.  Should the talks fail, President Trump says the 10 percent tariffs will then be raised to 25 percent.

Today’s meeting took place outside of the G20 in Buenos Aires.