US and China agree to suspend new tariffs for 90 days
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US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says.
The two men met in Buenos Aires after the G20 summit for their first talks since a trade war erupted this year.
China says they agreed not to impose any new trade tariffs after 1 January.
At the summit earlier on Saturday, the G20 leaders agreed a joint declaration that notes divisions over trade but does not criticise protectionism.
Ahead of the G20, Mr Trump had told US media he expected to go ahead with plans to raise tariffs on $200bn (£157bn) of Chinese goods - first introduced in September - from 10% to 25%, starting in January.
The White House says this move is now suspended for 90 days but adds, "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."
In return, the White House adds, China agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products.
Chinese state TV said earlier: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue."
Both sides have imposed tariffs on billions of dollars' worth of goods. The US has hit $250bn of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products.
Mr Trump had also said that if talks in Argentina were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the US with tariffs of 10-25%.
US-China trade divisions meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history.
https://www.bbc.com/news/world-latin-america-46413196
So sort of good but Trump is still being retarded about it.
"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 question is whether Trump will be stubborn and bullheaded or weak and let China walk all over him.
The effects of a 10% tariff have really hurt the US economy is a very serious way. Taking that 10% and exploding it by a magnitude of 2.5x? Holy shit. This country is in for some REAL shit if they go through with it.
Please fucking get him Mueller
It's like he's trying to blow up the Republican party by not only linking them to massive criminal acts but also trying to wreck the economy as hard as Dubya.
Why do we have a president that does things just because he feels like it, no real reason or people asking for it, just cuz he wants to.
The same kind of president who fucking whined on Twitter how George HW Bush's death made him delay a conference.
https://twitter.com/realDonaldTrump/status/1068887935838228480
https://twitter.com/realDonaldTrump/status/1068887938761662465
And just like the following Democrat based recovery effort, the people who were hurt most by his bullshit will vote another retard into office again in 4-8 years to triple down on Trump's double down on the worst ideological aspects of conservatism.
...
You made me sad
Reminder that the USMCA NAFTA v1.1 has been signed by all three national leaders (although it now must be ratified by each nation's domestic government), and Trump has not said one word about taking down the steel and aluminum tariffs he imposed on Canada in order to try and force us to bend over for him at the table.
"It was Obama's fault, also the next dem that wins"
I'm kinda surprised he hasn't taken Fox's lead and taken to blaming Ocasio-Cortez for everything now.
These feel like Civilization's turns
Really interested to see how this turns out. It's possible that this ballsy move might turn out the way he anticipated.
"But if [the deal does not happen] remember, I am a Tariff Man."
I'm a Tariff Man with a Tariff Plan and the only note I know is TOOT TOOT TOOT TOOT TOOT
Hello Smoot-Hawley, my old friend, you've come to fuck with me again.
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