According to both the Trump Administration and China, the trade war has ended.
Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, Chinese state media reported Sunday.
The announcement came after high-level talks in the US capital and followed months of tensions over what President Donald Trump has blasted as an unfair commercial relationship between the two economic giants.
Vice-Premier Liu He, who led Chinese negotiators in Washington said: “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” state-run news agency Xinhua reported Sunday.
China will cut the tariff to around 13.8%, the Ministry said, from the current level of 25%, while reducing the levy on imported car parts to 6% from 10%, in an effort to open the market further to foreign competition. The reductions will take effect on July 1, the Ministry said in a statement.
That isn’t all, however, they also announced they would buy more American products.
JUST IN: In joint statement with the US, China says it will “significantly increase purchases of United States goods and services†to “help support growth and employment in the United States.â€https://t.co/vpyWbVRRy9 pic.twitter.com/OZ0CU8vqPJ
— CNBC Now (@CNBCnow) May 19, 2018
Trump tweeted more information
China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products – would be one of the best things to happen to our farmers in many years!
— Donald J. Trump (@realDonaldTrump) May 21, 2018
On China, Barriers and Tariffs to come down for first time.
— Donald J. Trump (@realDonaldTrump) May 21, 2018
Under our potential deal with China, they will purchase from our Great American Farmers practically as much as our Farmers can produce.
— Donald J. Trump (@realDonaldTrump) May 21, 2018
