According to the White House, the US will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned. If the two had failed to reach an agreement, the USA would've seen $200 billion worth of Chinese goods have their tariffs increase from 10% to 25% at the beginning of 2019. China's crude oil imports from the US had ground to a halt.
Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.
In the latest Trump-China trade war news, the POTUS has been in talks with China President Xi Jinping to discuss the reduction or elimination of some import tariffs that each president has imposed on the other president's country.
The two leaders on Saturday agreed to the ceasefire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs.
The Global Times is affiliated with the state-run People's Daily, and published a separate Chinese-language editorial on Tuesday noting that the US had made no mention of Beijing's "Made in China 2025" plan in any statements after the Xi-Trump meeting, nor criticized China's industrial policy.
Without disclosing further details about the agreement signed, ministry said, "China will start with the implementation of the specific matters in which consensus has been reached, the sooner the better".
US dollar falls amid fears of slowdown in economic growth
The dollar index, which measures the greenback against six major peers, was down 0.07 per cent to 96.9680. In a flat yield curve, there's little difference between short-term yields and long-term yields.
In a brief statement, the ministry said China would try to work quickly to implement specific items already agreed upon, as both sides "actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map".
"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.
The Ministry said that the recent meeting of U.S. President Donald trump and Chinese President XI Jinping was successful.
China's Ministry of Commerce did not respond to phone calls and a faxed request to comment. Xi and his most senior officials, including the commerce minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.