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Trump-Xi agree to halt additional trade tariffs 'temporarily'

ANI  |  Buenos Aires [Argentina] 

and his Chinese counterpart on Saturday (local time) agreed to halt the escalating trade war between their countries by agreeing to a temporary truce during their dinner on the sidelines of the summit in

Trump agreed to not raise the current 10 per cent tariffs on the USD 200 billion worth of Chinese goods to 25 per cent "at this time" following a two-and-a-half hour discussion with Xi in Argentina, quoted confirming in a statement. December 1 was the original deadline for the to go ahead with the plans.

On the other hand, agreed to purchase "very substantial" amounts of agriculture, and other goods in order to restore trade balances.

Chinese State Councilor and said that the meeting was "friendly and candid", adding that both the leaders agreed to open their markets for each other and ramp up efforts to remove all the additional tariffs.

quoted Chinese media saying that Trump and Xi had reached "an important consensus" during the meeting, hinting towards "the direction for Sino-US relations in the near future".

"If it happens it goes down as one of the largest deals ever made. It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product," Trump told reporters prior to his departure from

The Statement confirmed that both Xi and Trump had agreed to immediately start negotiations on the US' concerns pertaining to technology transfer, cyber theft and intellectual property.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 01:35 IST