The US and China reached an agreement to hold off on tariff increases in exchange for some Chinese concessions, mainly on agricultural purchases.
In the agreement, the US agreed to suspend an increase in tariffs on $250bn of Chinese imports, from 25% to 30% which was due to take effect from October 15th 2019.
China, on the other hand, agreed to increase agricultural purchases of farm goods, particularly soybeans and pork, to an annual value between $40 billion and $50 billion.
The US, however, did not cancel the existing tariffs they imposed on Chinese, including 15% levies on a further $110bn of goods that took effect in September.
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