On December 1, 2018, U.S. President Donald Trump and China’s President Xi agreed to maintain the tariffs on $200 billion worth of products from China at 10% ad valorem rate, and they will not raise the tariffs to 25% on January 1, 2019 for a period of 90-days.
During this time, the negotiations regarding forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services, and the purchase of a “substantial amount of agriculture, energy, industrial, and other product from the U.S.” China agreed to start purchasing agricultural product from U.S. farmers immediately.
If, at the end of a 90-day period of negotiations, both parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.
The White House press release may be found here:
