US, China declare trade war ceasefire

The United States of America and Asian giants China have both declared a trade war ceasefire for the next 90 days as talks over trade dispute continues.

The agreement was reached between President Donald Trump and his Chinese counterpart Xi Jingping during the ongoing G20 summit holding in Buenos Aires, Argentina.

Top Chinese government diplomat, State Councillor Wang Yi, said the negotiations were conducted in a “friendly and candid atmosphere”.

“The two presidents agreed that the two sides can and must get bilateral relations right,” Wang told reporters, adding they agreed to further exchanges at appropriate times.

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“Discussion on economic and trade issues was very positive and constructive. The two heads of state reached consensus to halt the mutual increase of new tariffs,” Wang said.

“China is willing to increase imports in accordance with the needs of its domestic market and the people’s needs, including marketable products from the United States, to gradually ease the imbalance in two-way trade.”

However, the White House in a statement said that if agreement on trade issues including technology transfer, intellectual property, and others has not been reached with China in 90 days that both parties agree that the 10 percent tariffs will be raised to 25 percent.

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