Washington has suspended the upcoming tariff hike on imports from China after reaching a phase one deal during two-days of trade negotiations. President Donald Trump elaborated that negotiators agreed on a deal that will address the issue of technology theft and will increase agricultural purchases.
President Donald Trump and President Xi Jinping
Top Chinese negotiator, Liu He has expressed happiness over the progress. Washington was due to increase 30% tariffs on some Chinese products in the coming week. Mr. Trump said that we have reached on the written phase of the agreement and the next phases will start when negotiators will put the previous deal to paper. He hinted that he will meet Chinese President Xi Jinping at the UN Summit in December to sign the deal.
Lobby group Farmers for Free Trade welcome the progress. The group’s Co-Executive Director said that suspension of tariffs hike has pleased us as crippling tariffs provide us nothing. At the start of the trade war, farmers assured for reward over patience but promised haven’t fulfilled yet.
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