U.S. to delay China tariffs after Trump-Xi dinner
The Wall Street Journal
BUENOS AIRES — The U.S. and China said they would launch negotiations to ease trade tensions, with the U.S. postponing plans to increase tariffs on $200 billion in Chinese goods.
Under the plan, the two sides would discuss forced technology transfer, intellectual-property protection, nontariff barriers, cyberintrusions and cybertheft, services and agriculture. Should the talks fail, the White House said, the tariffs on the $200 billion of goods would increase to 25% from the current 10%. The tariffs were set to increase to that level on Jan. 1.
China also agreed to purchase a “very substantial” amount of agricultural, energy and industrial goods from the U.S., the White House said. Additionally, according to the White House, Chinese President Xi Jinping said he would consider again the previously unapproved merger between Qualcomm Inc. QCOM, +0.26% and NXP Semiconductors NV NXPI, +0.55% should the deal be presented. The deal fell apart earlier this year after Beijing failed to approve the merger.
Xi and Trump reached the trade cease-fire during a meeting Saturday, on the sidelines of a meeting of the Group of 20 industrial nations. Describing the talks between Trump and Xi as “friendly and candid,” Wang Yi, China’s foreign minister, said at a briefing that the two leaders reached “important consensus” that could help improve the overall bilateral relationship.
The Trump administration also agreed not to slap any additional tariffs on Chinese products, Wang said, and both sides will hold talks intended to eliminate all existing punitive taxes.
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