HONG KONG–Chinese state media have reported that the U.S. and China have agreed not to impose further tariffs after Jan. 1, heading off a plan by Washington to hike existing tariffs from 10 percent to 25 percent next year.
Both Xinhua and Chinese television station CGTN reported the trade war de-escalation from the two sides following a meeting between Trump and Xi at the G20 summit in Argentina Saturday.
In July, the U.S. hit China with the first round of tariffs on $250 billion worth of goods, prompting China to respond in kind with its own duties on $110 billion.
Days prior to the summit, the rhetoric coming out of Washington had been antagonistic. Trump had threatened to tax the remaining $267 billion of Chinese goods at 10 to 25 percent, which combined with existing tariffs would be equivalent to the total of goods China exported to the U.S last year.