The Trump administration has decided to hold off adding new 25 percent tariffs on $300 billion in Chinese imports, which would have included tennis racquets, apparel and footwear, among toher popular consumer and sports products. The U.S. and China also agreed to resume trade talks.
Trump announced the trade truce after a private meeting with Chinese President Xi Jinping at the annual summit meeting of the Group of 20 nations in Osaka, Japan. No deadline was set for progress on a deal, and the world’s two largest economies remain at odds over significant parts of an agreement.
“Basically we agreed today that we’re going to continue the negotiation,” Trump told reporters Saturday. “We’re going to work with China on where we left off to see if we can make a deal.” In exchange, Trump said China had agreed to increase its purchases of U.S. agricultural products.
But this temporary cease-fire does not end the trade war. Trump said the 25 percent tariffs currently imposed on $250 billion in Chinese goods will not be reduced.