Donald Trump, Xi Jinping. President Donald Trump and Chinese President Xi Jinping shake hands during a joint statement to members of the media Great Hall of the People in Beijing, China. The U.S. is announcing that it will impose a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technology." The White House said, that the tariff will cover goods related to the "Made in China 2025" program. The full list of imports that will be covered will be announced by June 15Trade, Beijing, China - 09 Nov 2017

President Donald Trump and Chinese President Xi Jinping shake hands in November 2017.

Andrew Harnik/AP/REX/Shutterstock

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.

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