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Trade truce reached at G20 summit

President Trump said he will allow US companies to sell to Chinese tech giant Huawei and won’t put new tariffs on China for the “time being.” President Xi Jinping has agreed to resume agricultural purchases.

  • Why it matters: Ratcheting down trade tensions with China removes “an immediate threat looming over the global economy even as a lasting peace remains elusive.”
  • Memory refresher: The US imposed 25 percent import taxes on $250 billion of Chinese goods, and China countered with tariffs on $110 billion in American products, with a focus on agricultural goods.
  • The bottom line: Saturday’s cease-fire could “give negotiators another chance to forge a permanent accord governing the vast flow of goods and services between the two nations.” 
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