US Suspends Tariff Hike In Limited China Deal

A newspaper featuring a front page story about the meeting between US President Donald Trump and Chinese President Xi Jinping as seen at a news stand in Beijing on December 3, 2018. – The headline says the two leaders agreed not to increase tarrifs. China’s state-run media hailed the trade war truce with the United States as “momentous” on December 3 but warned of complex negotiations ahead, even as President Donald Trump said Beijing agreed to cut car tariffs. (Photo by GREG BAKER / AFP) (Photo credit should read GREG BAKER/AFP/Getty Images)

WASHINGTON (AP) — The United States is suspending a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday, and China agreed to buy $40 billion to $50 billion in U.S. farm products as the world’s two biggest economies reached a cease-fire in their 15-month trade war.

The two countries are leaving the thornier issues — including U.S. allegations that China forces foreign countries to hand over trade secrets in return for access to the Chinese market — until later negotiations.

The tariffs on $250 billion in Chinese imports was set to rise Tuesday from 25% to 30%.

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