US-China Agree to Extend Trade War "Ceasefire" for One Year

US President Donald Trump with Chinese President Xi Jinping/PHOTO: White House via Wikimedia Commons

JAKARTA - The United States (US) and China reportedly agreed to extend the validity of the trade war truce agreement, which was signed last October in South Korea, for another year.

A report by the South China Morning Post (SCMP) on Thursday, February 12, citing sources, said the extension would likely be agreed upon in April.

The move, which officials from both countries considered realistic and achievable, allowed the two countries to focus on the short-term economic benefits of the October deal, including new purchase commitments from China.

As reported by ANTARA from Sputnik, the report also said that US President Donald Trump is likely to make a three-day visit to China starting March 31. However, the schedule is still under discussion because Beijing is considering adjustments to the Qingming Festival (Cengbeng) which falls on April 5.

Previously, Trump and Chinese President Xi Jinping agreed to a one-year trade deal at a meeting at Gimhae Air Base, Busan, South Korea, in late October.

In the agreement, the US lowered the average tariff on goods from China from 57 percent to 47 percent by cutting the fentanyl-related tariff in half to 10 percent. Meanwhile, China opened the opportunity for increased imports of agricultural products from the US.