The United States and China have finalized a trade war ceasefire,... suspending any new tariffs amid the escalating trade war between the world's two largest economies.
China's state-run media outlet also welcomed the agreement,... but pointed out that the two countries still have a lot to work on.
Kim Hyo-sun reports.
U.S. President Donald Trump has expressed great confidence on the trade war truce he reached with Chinese President Xi Jinping on the sidelines of the G20 Summit in Argentina.
Returning home, Trump told reports onboard Air Force One that it's an (quote) "incredible deal that would have an incredibly positive impact on farming."
Sitting down for dinner at the G20 Summit, the two leaders agreed that Washington will withdraw its plan to raise tariffs on 200 billion U.S. dollars worth of Chinese imports from 10 to 25 percent.
Following the meeting, the White House explained the two sides will aim to bridge the differences in opinion within 90 days,... adding that if no deal is reached, they agreed to raise the tariff rate to 25 percent.
On Sunday, China's state-run media CCTV hailed the agreement reached by Trump and Xi,... but refrained from mentioning the 90-day deadline.
Its state-news agency, Xinhua, also welcomed the deal,... explaining that it has offered Beijing some breathing space.
Adding the latest summit halted the escalation of the trade tensions between the world's two largest economies,... it also admitted a long road lies ahead to solve the issue in a practical manner.
Kim Hyo-sun, Arirang News.