US, China Schedule Talks To Ease Trade Tensions

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It will be the first meeting between delegates from the two countries since they agreed not to impose new tariffs for 90 days in the margins of December’s G20 summit in Argentina.

Last year, the two mega economies imposed tariffs on more than $300bn worth of each other’s goods.

On its website, the Chinese commerce ministry said the goal of the upcoming meetings, which will be held in Beijing on 7 and 8 January, would be “implementing the important consensus” reached by US president Donald Trump and Chinese president Xi Jinping.

After a dinner at the G20 meeting at the beginning of December, Trump said he would delay new 25% tariffs on Chinese import by 90 days to allow time for negotiations.

Trump said the dinner “was an amazing and productive meeting with unlimited possibilities for both the US and China”.

A statement from White House spokesperson Sarah Sanders said: “President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200bn worth of product at the 10% rate, and not raise it to 25% at this time.”

In December, the Chinese Cabinet reportedly said it planned to cut taxes on US-made carsto 15% from the current 40%, undoing the import hike it introduced in the summer.

Source: independent.ng