US, China agree to 90-day truce to hash out trade differences

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The U.S. and China have agreed to a 90-day truce in a bid to work out their trade differences. The news came Saturday following a dinner meeting between President Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires.

As part of the detente, Trump agreed to delay plans to raise tariffs on $200 billion in Chinese goods that would have taken effect Jan. 1. China agreed to buy a “substantial amount” of agricultural, energy and industrial products from the U.S. to reduce the trade deficit.

“It’s an incredible deal,” Trump told reporters aboard Air Force One, on his way back to Washington. “What I’ll be doing is holding back on tariffs. China will be opening up, China will be getting rid of tariffs. China will be buying massive amounts of products from us.”

The temporary agreement will give both nations time to iron out their differences. If not, the $200 billion in planned tariffs will go into effect.

Trump has already imposed tariffs on $250 billion on Chinese products. In response, China slapped taxes on $110 billion in American goods.- READ MORE

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