China and US agree to reach agreement on trade issues within 90 days

China and the United States have agreed to halt new tariffs as both nations engage in trade talks with the goal of reaching an agreement within 90 days, the White House said on Saturday after U.S. President Donald Trump and Chinese President Xi Jinping held high-stakes talks in Argentina.

Trump agreed not to boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced, as China agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said. The White House also said China "is open to approving the previously unapproved Qualcomm Inc NXP deal should it again be presented."

The White House said that if agreement on trade issues including technology transfer, intellectual property, non-tariff barriers, cyber theft and agriculture have not been reached with China in 90 days that both parties agree that the 10 percent tariffs will be raised to 25 percent.

 

(With inputs from agencies.)