China-US trade war truce a first step towards resumption of normal trade relations

The agreement struck between President Xi Jinping and President Donald Trump over a steak dinner on Dec 1, 2018, marks a significant de-escalation in tensions between the world's two largest economies and lays a framework for future talks and negotiations. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

BEIJING - China and the United States have called a truce in their trade war after their leaders reached a compromise at their dinner meeting following the Group of 20 (G-20) Leaders' Summit in Argentina.

In a statement, the White House said the US has agreed to put on hold additional tariffs, with China agreeing to purchase more American products to reduce the trade imbalance between both countries.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.