US Nixes Proposed Tariffs on Chinese Goods
Trade Rep. Robert Lighthizer said yesterday the U.S. would suspend a planned 25 percent tax on $200 billion of Chinese goods until further notice. He said enforcement provisions of a future trade deal had been worked out and China had agreed to stop competitive currency devaluations. A tariff increase could later be used to enforce an agreement — also known as a “snap-back” provision.
Is a trade deal close? They’re getting there, but “much still needs to be done” according to Lighthizer, including a likely summit with Chinese President Xi Jinping at President Trump’s Mar-a-Lago estate in Florida.