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U.S., China put hold off fresh tariffs for 90 days - Daily Current Affairs 2021
U.S., China put hold off fresh tariffs for 90 days

Why is it in new?
  • China and the United States agreed to halt additional tariffs in a deal that keep their trade war from escalating.
  • Two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days.
More in news
  • Beijing for its part agreed to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products from the U.S.
  • New trade talks-
  1. The two sides will also launch new trade talks to address issues including technology transfer, intellectual property, non-tariff barriers, and agriculture, it said.
  2. If no deal is reached within 90 days, both parties agreed that the 10% tariffs will be raised to 25%.
  • Cooperation over friction- Facts show that joint interests between China and the United States are greater than the disputes, and the need for cooperation is greater than frictions.
  • Effect on Consumers/Citizens-
  1. U.S. companies and consumers are bearing part of the cost of the U.S. tariffs on China by paying higher prices for goods, and many companies have increased prices of imported goods.
  2. At the same time, U.S. farmers have been hurt by reduced Chinese imports of soybeans and other products.
Source
The Hindu




Posted by Jawwad Kazi on 3rd Dec 2018
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