G20 business leaders
US relax 90days for new tariffs but warns
Published: 05:06 PM, 2 December 2018 Updated: 05:33 PM, 2 December 2018

Daily Bangladesh Desk
US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says. It says the US tariffs on Chinese goods will remain unchanged for 90 days but warns: “If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent.”
At a post-G20 summit meeting in Buenos Aires, Mr. Trump agreed not to boost tariffs on $200bn (£157bn) of Chinese goods from 10% to 25% on 1 January.
China will buy a ‘very substantial’ amount of agricultural, industrial and energy products, the US says.
Meanwhile, Beijing says the two sides agreed to open up their markets.
It was the first face-to-face meeting between the two leaders since a trade war erupted earlier this year.
The dispute broke out after Mr. Trump complained China was doing nothing to cut its large surplus in bilateral trade.
At the summit in Argentina's capital earlier on Saturday, the G20 leaders agreed on a joint declaration that notes divisions over trade but does not criticize protectionism.
Mr. Trump and Mr. Xi held a ‘highly successful meeting’, the White House says in a statement.
It says the US tariffs on Chinese goods will remain unchanged for 90 days but warns: “If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent.”
The US says China agreed to ‘purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States to reduce the trade imbalance between our two countries.’
Both sides also pledged to “immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions, and cyber theft”, the White House says.
President Trump said earlier this year he wanted to stop the ‘unfair transfers of American technology and intellectual property to China’.
According to the US, China has also signaled it will allow a tie-up between two major semiconductor manufacturers which Chinese regulators have been blocking.
The White House statement said China was “open to approving the previously unapproved Qualcomm-NXP deal.”
Qualcomm - the world's biggest chipmaker - had abandoned its $44bn bid for Dutch rival NXP Semiconductors after Chinese opposition.
The US also says Beijing agreed to designate Fentanyl as a controlled substance. The opioid - much of it thought to be made in China - is driving a huge rise in drug addiction in the US.
Chinese Foreign Minister Wang Yi told reporters after the talks that “the principal agreement has effectively prevented further expansion of economic friction between the two countries.”
He hailed ‘new space for win-win co-operation’; while Chinese state TV said negotiations would continue.
DailyBangladesh/Prince
- Chawkbazar tragedy: special prayer to offer today
- Daily Bangladesh mourns death in Chawkbazar fire
- Wahed Mansion can collapse any time: expert team
- US recognizes International Mother Language Day
- Rohingyas beat German journalists and cops
- Two sons, grandson burnt to ashes, father stroke
- ‘No chemical godown will be allowed in Old Dhaka’
- DMCH starts handing over bodies to family
- ‘Allah, Please don’t increase death toll of Chawkbazar fire’
- Ershad shocked at loss of lives in Churihatta fire
- Each deceased family to get Tk 1 lakh as compensation
- ‘I identified my brother seeing operation road in hand’
- Waiting to find loved ones...
- ‘I have not even seen such a scenario’
- DNA test needs to identify bodies
- Govt to give compensation to victims: Quader
- Rescue operation ends
- 15 deceased in Churihatta fire from Noakhali
- 3-member investigate committee forms
- 78 bodies in DMCH, difficult to identify
- President, PM mourns death in Churihatta fire
- PM directs to help victims
- 70 killed in Churihatta fire
- 16 burnt, 50 injured in Churihatta fire
- Fire at Chawkbazar plastic factory; burnt 10, injured 39
- President, PM pay homage to Language Heroes
- Nation pays homage to language martyrs
- Nation set to pay homage to language martyrs
- Australian minister Karin Kneissl calls on President
- We`re `well on our way` to discover Alien Life: NASA Chief
- All News »
- ‘Work with history of country’s Language Movement’
- Pakistan summons Indian envoy to protest `baseless allegations`
- Another spell of gas suspension in Capital Tuesday
- 16 burnt, 50 injured in Churihatta fire
- JnU BCL committee dissolved
- BCL factional clash hurt 45 in JnU
- Daily Bangladesh mourns death in Chawkbazar fire
- “AL not embarrassed of BNP’s case against polls”
- Drug trader hurt in Chatmohor gunfight
- Mithun`s fifty takes Bangladesh to 226
- Gas supply shutdown in Dhaka including Savar
- Nation set to pay homage to language martyrs
- Ali, employee of Daily Bangladesh, injured in road crash
- Barcelona, Man City to play tonight
- NZ clinch ODI series 2-0 against Tigers
- “’Fagun Haway’ will inspire new generation in patriotism”
- Hong Kong stocks open lower
- Death toll in Nigeria attack doubles to 130
- Samsung to launch US retail stores in smartphone push
- Prominent poet Al Mahmud dies
- Last tributes to poet Al Mahmud at Bangla Academy
- 1st phase of nomination withdrawal ends today
- General Osmani’s 35th death anniversary today
- Navy Chief in UAE arms exhibition
- Sadhan urges officials to brighten up govt image
- Zulfikar Ali will survive if he got your help
- Barrister Razzaq resigns from Jamaat
- SERG Zahurul Haque’s death anniversary observed
- No pardon for drug traders: IGP
- India shouldn`t play Pakistan in World Cup: Harbhajan