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US suspends tariff hike on Chinese goods worth $250 bn

Oct '19
Pic: Shutterstock
Pic: Shutterstock
The United States and China have arrived at a substantial ‘phase one’ trade deal on intellectual property, financial services and big agricultural purchases, US President Donald Trump said yesterday, while suspending tariff hike on Chinese goods worth $250 billion set to kick in from October 15. China agreed to step up purchases of US farm products.

Both sides had made substantial progress in the talks and will continue to make efforts, global newswires quoted Chinese Vice Premier Liu as saying.

The agreement reportedly had to be put on paper and more work was required to get it finalised. Trump said it could take up to five weeks to get the deal written.

The limited agreement is expected to sort out only a few short-term issues, while several thorniest disputes continue to linger.

Trump spoke after two days of high-level talks in Washington DC between US treasury secretary Steven Mnuchin, trade representative Robert Lighthizer and a Chinese delegation led by Liu.

Lighthizer said Trump is yet to make a decision about tariffs that were subject to go into effect in December.

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