China and the USA Impose 90-day Tariff Ceasefire
Release date:2018-12-04 Author:Joanna Day Click:
According to reports, China and the USA have agreed to not raise tariffs to 25 percent on $200 billion worth of Chinese goods, leaving them at 10 percent at the beginning of 2019. This includes a number of pesticide active ingredients and chemicals used by US manufacturers.
In its turn, China agreed to purchase significant amount of agricultural, energy and other products from the USA, which is aimed at reducing trade imbalance between the two countries.
The agreement is temporary, and China and the USA agreed to withhold further tariffs on each other for 90 days. If the parties fail to reach a deal at the end of this term, the 25% tariffs will be implemented.