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U.S., China agree to 90-day ceasefire in trade war

The United States and China have entered a ceasefire.



Eli Ridder | Report

After a chaotic Group of 20 Summit in Argentina for U.S. President Donald Trump, he was able to claim a win on Saturday evening with a 90-day ceasefire in Washington’s destabilizing trade war with China.

Mr. Trump agreed to axe a planned tariff increase on $200 billion of Chinese products scheduled for Jan. 1, and agreed to continue talks during the ceasefire, news that will likely improve markets.

Mr. Trump and Chinese President Xi Jinping met for over two hours during the summit in Buenos Aires in a highly anticipated dinner meeting amid worries that trade skirmishes are hurting the global economy.

China’s Xinhua reported that the two sides had agreed that “no additional tariffs will be imposed after Jan. 1,” the day U.S. tariffs on $200 billion of Chinese goods are set to increase from 10 per cent to 25 per cent.

Trump before the dinner began told the press pool that the pair would “be discussing trade” and predicted that he and Mr. Xi “we’re going to end up doing something which is great for China and great for the United States.”

Xi followed up with a reference to the men’s “personal friendship” and responsibility for “world peace and prosperity”, according to translations at the meeting.

Image of the meeting from social media.

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