President Trump and Chinese President Xi Jinping announced Saturday evening a 90-day pause on new tariff actions as the two countries attempt to finalize an agreement on intellectual property, technology theft, and non-tariff trade barriers.
The White House announced the agreement in a statement following Trump and Xi’s working dinner in Argentina as part of the G20 summit of nations.
“President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture,” the White House said in a statement.
If the two countries cannot reach a deal within 90 days, the White House says, existing 10% tariffs on $200 billion worth of Chinese goods will be increased to 25%.
Read more at The Hill.