BUENOS AIRES, Argentina (BRAIN) — President Donald Trump and Chinese President Xi Jinping agreed to a truce in the ongoing trade war this weekend. Trump agreed to delay implementing a 25 percent tariff on Chinese goods — including at least $1 billion in bike-related products — that had been set to take effect on Jan. 1. The tariff on those goods will remain the 10 percent that became effective in September (in addition to any pre-existing tariffs on those goods) for at least 90 days from the truce agreement of Dec. 1, so the 25 percent tariff increase is pushed out by about 60 days.
China-made e-bikes and e-bike motors will remain subject to the 25 percent tariff imposed in August. New tariffs imposed this year on imported steel and aluminum, and on Chinese GPS units and bearings, also remain in effect at 25 percent.
“President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end …read more