Trump & Chinese Pres. Agree to Hold Tariffs at 10% for 90 Days
Buenos Aires, Argentina, December 3, 2018--President Trump and Chinese President Xi Jinping have agreed to delay the 25% tariffs schedued for January 1 for 90 days.
This comes less than a month before the start of 2019, when Trump said he would raise tariffs from 10% to 25% on $200 billion worth of Chinese imports which includes floorcoving.
The two leaders formed the truce at the G20 Summit in Argentina and are hoping to reach a trade agreement within the 90-day time frame. If not, the increase to 25% will take effect.
In return for this delay, China has agreed to buy an unspecified but "very substantial" amount of acriculture, energy, industrial and other products, the White House said in a statement.
The existing 10% tariffs imposed in September on $200 billion of Chinese-made goods, flooring included, will remain in effect.