China, U.S. stop escalating tariffs and other trade restrictions

Chinese President Xi Jinping meets with U.S. President Donald Trump in Buenos Aires, Argentina. After the meeting, the relevant person in charge of the Chinese economic and trade team told reporters that the two heads of state discussed Sino-US economic and trade issues and reached consensus. The two heads of state spoke highly of the active and effective consultations recently conducted by the economic and trade teams of the two sides. The two sides believe that a healthy and stable Sino-US economic and trade relationship is in the common interests of the two countries and the world. The two sides decided to stop escalating tariffs and other trade restrictive measures, including not raising existing tariff rates against each other, and not introducing new tariff measures on other commodities. The two sides agreed to immediately address each other's concerns in the spirit of mutual respect, equality and mutual benefit. China will take further measures to deepen reform and expand opening up in accordance with the requirements of the 19th National Congress of the Communist Party of China. During this process, some economic and trade issues that the US is concerned about will be resolved. At the same time, the U.S. side will also actively address the economic and trade issues China is concerned about. The two heads of state instructed the economic and trade teams of the two sides to step up consultations and reach an agreement to cancel the tariffs imposed since the beginning of this year, so as to push the bilateral economic and trade relations back to the normal track as soon as possible and achieve a win-win situation. At present, the teams of the two sides are conducting further consultations on the reduction, exemption and cancellation of relevant tariffs. Judging from the overall situation and the current stock market situation, the truce of the Sino-US trade war has significantly promoted the domestic and international economy.