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US, China agree on trade war ceasefire after Trump, Xi summit

US, China agree on trade war ceasefire after Trump, Xi summit

13 Sept 06:47 Key points summarised by AI
  • The US and China declared a trade war ceasefire, agreeing not to escalate tariffs on $200 billion worth of Chinese imports from 10% to 25% on January 1st.
  • China committed to immediately purchasing a substantial amount of US agricultural, energy, and industrial products to reduce the trade imbalance.
  • Both nations will initiate 90-day negotiations on critical structural issues, including forced technology transfers, intellectual property protection, and cyber theft.
  • Failure to reach a comprehensive agreement within the 90-day period will result in the 10% tariffs on Chinese imports being raised to 25%.
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