After a weekend meeting with President Xi Jinping of China, President Trump said he will delay a planned escalation of tariffs on Chinese from Jan. 1 to March 1.
Leaving three months to resolve trade differences, Trump said he will leave the tariffs on $200 billion worth of Chinese goods at the 10% rate, and not raise it to 25% on Jan. 1 as had been planned.
The White House said that China has agreed to purchase a “very substantial” amount of agricultural, energy, industrial, and other products from the U.S. to reduce the trade imbalance between China and the U.S.
China has agreed to begin purchasing agricultural products from the U.S. immediately, according to the White House.
At the same time, President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture.
Both parties agree that they will work to complete negotiations 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% tariffs will be raised to 25%.