Vietnam Time

12/2/2018 10:12:34 AM

China, US agree to hold off new tariffs 'after Jan 1'

The United States said on Saturday (Dec 1) that it agreed in a long-awaited summit with China to suspend new tariffs for 90 days as the two powers seek to end a trade war.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018. REUTERS/Kevin Lamarque.

The White House said a threatened increase of tariffs on USD 200 billion worth of Chinese goods from 10 to 25 per cent, which was set to take effect on Jan 1, would be put off for 90 days.

"If at the end of this period of time, the parties are unable to reach an agreement, the 10 per cent tariffs will be raised to 25 per cent," a White House statement said after dinner talks between President Donald Trump and his counterpart Xi Jinping on the sidelines of a G20 summit in Buenos Aires.

The China Daily and Chinese international broadcaster CGTN both have said President Trump and his counterpart Xi agreed to halt tariffs "after Jan 1".

Earlier, senior Trump adviser Larry Kudlow said that the meeting between the leaders went "very well."

With the United States and China locked in an economic dispute that has unnerved global financial markets and weighed on the world economy, Trump and Xi sat down with their aides for a working dinner at the conclusion of a two-day gathering of world leaders in Buenos Aires.

Trump told Xi at the start of the meeting he hoped they would achieve "something great" on trade for both countries. The leaders finished their talks after about 2-1/2 hours and Trump departed for his scheduled flight back to Washington.

While neither side issued any immediate statements on the outcome, White House chief economist Larry Kudlow told reporters as he boarded Air Force One that the talks went "very well." He offered no specifics.

The editor of a major Chinese state-run newspaper also said the talks went well.

"Based on information I received, talks between Xi and Trump went well and consensus was reached," Hu Xijin, the editor of the Global Times, published by the ruling Communist Party's official People's Daily, wrote on Twitter, without giving details.

The closely watched encounter came shortly after the Group of 20 industrialized nations backed an overhaul of the global body that regulates international trade disputes, marking a victory for Trump, a sharp critic of the organisation./.

VNF/AFP  
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