President Donald Trump’s trade agreement with Chinese President Xi Jinping was vague, and it led to confusion on Monday.
White House economic adviser Larry Kudlow told reporters that a 90-day delay in the escalation would start on January 1, a month later than was initially assumed.
The White House scrambled to issue a correction, clarifying the 90-day delay actually started December 1.
The correction highlights the slapdash nature of the deal and the distance remaining between the two countries to resolve the trade war.
The rushed, vague nature of President Donald Trump’s trade agreement with Chinese President Xi Jinping was on full display Monday, as the White House had to walk back a timing announcement by Trump’s top economic adviser.
As part of the deal reached by Trump and Xi during the G20 summit in Buenos Aires, Argentina, on Saturday, the US pledged to delay the increase of the tariff rate from 10% to 25% on $200 billion worth of Chinese goods. The rate was set to increase on January 1, a move that would have significantly escalated the ongoing trade war between the two countries. Instead that increase will be delayed 90 days.See the rest of the story at Business Insider
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