President Donald Trump and China’s Xi Jinping agreed to a cease-fire Saturday in their nations’ yearlong trade war, averting for now an escalation feared by financial markets, businesses and farmers.
Trump said U.S. tariffs will remain in place against Chinese imports while negotiations continue. Additional trade penalties he has threatened against billions worth of other Chinese goods will not take effect for the “time being,” he said, and the economic powers will restart stalled talks that have already gone 11 rounds.
“We’re going to work with China where we left off,” Trump said after a lengthy meeting with Xi while the leaders attended the Group of 20 summit in Osaka.
