On Saturday, December 1 the White House announced the completion of a “highly successful meeting” between U.S. President Donald Trump and Chinese President Xi Jingping. During the meeting, both leaders discussed the ongoing trade tensions between the two countries and agreed to proceed with talks to resolve bilateral issues. In exchange, the U.S. agreed to suspend plans to increase tariffs on $200 billion in Chinese goods from 10 to 25 percent on January 1. Instead, both parties agreed to talks to resolve the trade dispute within 90 days. In addition, China has agreed to buy a very substantial amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance, and U.S. administration officials stated that China has agreed to provide tariffs concessions for U.S. autos.

A copy of the White House statement on U.S.-China talks can be found here.