Taking a break from the Trade War .

Tobias H. by Tobias H.

Posted on 12/02/2018 11:59:17

Today, December 2nd, we can wake up to a slightly less chaotic world, for a short moment. In Buenos Aires the presidents of the U.S. and China, Trump and Xi Jinping respectively, they agreed to temporarily cease the trade war that has been impacting global economics.

In reality this means that he, Trump, will not fire off another round of tariffs that we slated to be doled out. This was discussed over a dinner during the G20, a meeting between the 19 wealthiest countries and the EU, something they started roughly a decade ago.

"This was an amazing and productive meeting with unlimited possibilities for both the United States and China," Trump said in a statement released by the White House. "It is my great honor to be working with President Xi."

It was agreed to hold off for 90 days on the implementation of the new tariffs that would impact $200 Billion of Chinese goods.

China, in turn, agreed to buy a "not yet agreed upon, but very substantial amount" of U.S. goods from the agricultural, energy and industrial sectors, according to Sanders' statement.

Another thing worth mentioning is that Trump also stated on Saturday night, that soon the NAFTA agreement will be terminated, in order to ease the entry of his new USMCA deal.

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