China and the USA agree not to impose new additional tariffs

US trade deficit with China expands

There's no official, confirmed statement of what China agreed as part of the deal, although U.S. President Donald Trump tweeted that China had already agreed to lower tariffs on American cars, and Bloomberg reported on Wednesday that China was preparing to restart imports of U.S. soybeans and LNG.

"We are very confident in reaching an agreement (with the United States) within the next 90 days", China's commerce ministry spokesman Gao Feng said in a weekly briefing, adding both sides have been communicating and cooperating "smoothly" since the leaders met in Argentina.

"The ultimate goal for the 90 days of talks is to remove all the increased tariffs", Gao said.

Chinese President Xi Jinping and his US counterpart Donald Trump recently held a meeting at a working dinner in Buenos Aires, reaching important consensus and agreeing not to impose new additional tariffs.

As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25% beginning 1 January, leaving them at the current 10% rate.

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She later said she was caught off guard by her own reaction watching her colleague fulfil a lifelong dream. McClain, 39, served in Iraq and has represented the United States in women's rugby.

The two countries have hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains.

In return, Washington said China would purchase "very substantial" amounts of USA agricultural, energy, industrial and other products.

The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the yawning trade gap.

President Trump is expected to put more pressure on China to correct the trade imbalance and deal with the issue of violation of intellectual property rights.

Washington and Beijing have exchanged steep tariffs on more than US$300 billion (RM1.2 trillion) in total two-way trade, locking them in a conflict that has begun to eat into profits. It also would begin buying products from U.S. farmers "immediately".

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