The United States and China reached a tentative trade truce over the weekend; pausing hefty tariffs for 90 days as both sides struggle to reach a permanent international trade agreement between their giant economies.
According to CNBC, Chinese President Xi Jinping and President Trump struck the trade deal during bilateral discussions at the G-20 economic summit in Argentina.
“In a White House readout of a dinner at the G-20 summit in Argentina, Xi and Trump discussed a range of nettlesome issues — among them the trade dispute that has left over $200 billion worth of goods hanging in the balance,” writes CNBC.
“President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10 percent rate, and not raise it to 25 percent at this time,” the statement confirmed.
“Both parties agree that they will endeavor to have this transaction completed within the next 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,” the statement added.
Read the full statement here.