The US temporarily suspends tariffs on China, which will increase its imports

[Juppitèr]

After two days of negotiations in Washington, the Asian country agrees to increase imports from the United States. "We are putting the commercial war on hold," says the Secretary of the Treasury.

The United States has temporarily suspended the imposition of tariffs on China , following the agreement reached by both powers to reduce the US deficit with respect to Beijing.

"We have agreed to suspend tariffs while we execute the framework agreement," said US Treasury Secretary Steven Mnuchin.

Trump had threatened to impose 150,000 million dollars on hundreds of Chinese products for intellectual property issues, with the aim of forcing China to balance the balance of payments.

" We are putting the commercial war on hold ," Mnuchin said.

China has agreed to "significantly" increase its purchases of US goods and servicesto reduce the risks of a trade war, although it has not committed to a concrete goal of reducing the deficit, as the United States intended.

Both powers have negotiated for two days in Washington, but the government of Donald Trump has failed to convince China to agree to reduce the trade deficit that the United States has with the Asian country in 200,000 million dollars until 2020.

Mnuchin has minimized that defeat, and assures that "specific goals" of deficit reduction have been agreed upon by each industry, but that they will not be made public.

In any case, more bilateral contacts will be necessary to permanently park the risks of a commercial war.

In a joint statement, both powers have announced that "there was a consensus to take effective measures to substantially reduce the trade deficit of US goods with respect to China."

"To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase its purchases of goods and services from the United States," they announced in the note.

The Trump government will send a team to China to finalize the details of the agreement on agricultural and energy products.

There has been no agreement on intellectual property , the issue that has motivated the strongest threat of tariffs, although China has pledged to "push relevant amendments to its laws and regulations in that area, including the Patent Law."