Following the agreement reached on Monday, Xi Jinping commented directly on the tariffs for the first time. He said trade wars have no winners. Bullying or hegemony only leads to self-isolation, Xi told Latin American and Caribbean government representatives – including the presidents of Brazil, Colombia and Chile – who had gathered for a summit in Beijing on Tuesday, according to reports in the South China Morning Post.
US President Donald Trump said he plans to speak to the Chinese head of state on the phone later this week. Last weekend’s trade talks had marked a new beginning in relations between the two countries, Trump told journalists at the White House. He does not expect the US tariffs on Chinese imports to return to 145 percent after the 90-day break. A deal will probably be made, he said.
On Tuesday, the USA and China agreed to let their trade dispute rest for 90 days. Starting May 14, tariffs will be reduced by 115 points for 90 days. The Chinese Ministry of Finance announced that from 00:01 on Wednesday, the tariffs on US goods, which had been increased to 34 percent last month, would be lowered to ten percent, and the additional tariffs of 91 percent imposed in two later rounds would be lifted. Accordingly, the tariffs on most Chinese exports to the USA will be reduced to 30 percent, and the surcharges on US exports to China will be reduced to 10 percent. Negotiations will then continue.