US Suspends Plans To Hike Tariffs On Chinese Imports
Chinese Vice Premier Liu He accompanied by U.S. Trade Representative Robert Lighthizer (left) and Treasury Secretary Steven Mnuchin, greets the media before a minister-level trade meetings at the Office of the United States Trade Representative in Washington, Thursday, October 10, 2019. (AP Photo/Jose Luis Magana)
WASHINGTON (AP) — The Trump administration is suspending a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday, and China agreed to buy $40 billion to $50 billion in US farm products as the world’s two biggest economies reached a cease-fire in their 15-month trade war.
The White House said the two sides made some progress on the thornier issues, including China’s lax protection of foreign intellectual property.
But more work will have to be done on key differences in later negotiations, including U.S. allegations that China forces foreign countries to hand over trade secrets in return for access to the Chinese market.
The US and Chinese negotiators have so far reached their tentative agreement only in principle.
No documents have been signed.
President Donald Trump announced the trade truce in a White House meeting with the top Chinese negotiator, Vice Premier Liu He.
The news followed two days of talks in Washington.
“You’re very tough negotiators,” Trump said to the Chinese delegation.
Trump has yet to drop plans to impose tariffs December 15 on an additional $160 billion in Chinese products, a move that would extend the sanctions to just about everything China ships to the United States.
The December tariffs would cover a wide range of consumer goods, including clothes, toys and smartphones and would likely be felt by American shoppers.