The U.S. and China said they would launch negotiations to ease trade tensions, with the U.S. postponing plans to increase tariffs on $200 billion in Chinese goods.
Under the plan, the two sides would discuss forced technology transfer, intellectual-property protection, nontariff barriers, cyberintrusions and cybertheft, services and agriculture. Should the talks fail, the White House said, the tariffs on the $200 billion of goods would increase to 25% from the current 10%. The tariffs were set to increase to that level on Jan. 1
China also agreed to purchase a “very substantial” amount of agricultural, energy and industrial goods from the U.S., the White House said. Additionally, Chinese President Xi Jinping said he would consider again the previously unapproved merger between Qualcomm Inc. and NXP Semiconductors NV should the deal be presented. The deal fell apart earlier this year after Beijing failed to approve the merger.