President Donald Trump agreed to temporarily halt planned additional tariffs against China after President Xi agreed to regulate fentanyl and purchase "a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the US."
"Both parties agree that they will endeavor to have this transaction completed within the next 90 days," The White House said in a statement released Saturday. "If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%."
Full statement via WhiteHouse.gov:
The President of the United States, Donald J. Trump, and President Xi Jinping of China, have just concluded what both have said was a “highly successful meeting” between themselves and their most senior representatives in Buenos Aires, Argentina.
Very importantly, President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.
On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately.
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. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be...
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