The Trump administration announced it will freeze plans to raise tariffs on $200 billion worth of Chinese products to 25 percent.
The administration imposed 10 percent tariffs on Chinese products, which included hardwood flooring products, in September, with plans to increase them to 25 percent Jan. 1.
The announcement that the U.S. will halt the 25 percent tariffs on Chinese goods followed a meeting between President Trump and President Xi Jinping of China during the G20 summit in Buenos Aires, Argentina Dec. 1.
“China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries,” the White House stated in a press release.
The two nations will continue negotiations regarding forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House.
If no further trade agreement with China is reached within 90 days, the U.S. will raise tariffs on the $200 billion worth of Chinese products to 25 percent.