Caspian Energy Journal Caspian European Club
Monday, 03 December 2018 11:00

USA, China agree not to impose additional tariffs

USA, China agree not to impose additional tariffs

The President of the United States, Donald J. Trump, and President Xi Jinping of China, have had a bilateral meeting on the margins of the G20 summit in Buenos Aires, Argentina. They concluded they had a “highly successful meeting” between themselves and their most senior representatives in Buenos Aires, Caspian Energy News ( reports with reference to the statement from the White House Press Secretary Sarah Sanders.

On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately.

President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.

President Trump stated: “This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honor to be working with President Xi.”

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Person in charge of the newsline: Olga Nagiyeva 

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