USA-China new agreement

On 30 November and 1 December, the G20 Summit took place in Buenos Aires, Argentina. In this meeting, the presidents of the US and China agreed that during 90 days the tariffs will decrease from 25% to 10%.

Took from: BBC mews

The Group of Twenty (G20) is a forum were different countries discus today’s most pressing challenges.

The members of this group are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.

G7, the father of G20, was a meeting between the ministers and central bank governors in 1999. The need for a more inclusive view and a better impact on the world were some of the founding objectives of this G20 group.

Until 2008, the G20 considered that the meeting needed to be in a higher political level. With this idea, the G20 summits were attended by the heads of State Governments since then.

This year, the G20 summit took place in Argentina and one of the topics that was treated was the commercial relationship between China and the USA.

In previous meeting, it was said, that the interests would be of 25%; this settlement benefited USA. Later on, China decided that if the interests were higher to them in the USA, they would increase them too.

These countries had reached an agreement in which the interests will decrease from 25% to 10% on 1 January.

China will buy an amount of agricultural, industrial and energy products. Also, USA acuss to China of stealing information and technology from them.

The new treatment between this countries will have a repercussion for both. Nevertheless, Mr. Trump said that if the relation between this groups is still bad when the 90 days finish, the interests will be again of 25%.

For now on, the relation between this groups will be follow by everyone to see if the problems are solved or not.

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https://www.nytimes.com/2018/12/02/business/trade-truce-china-us.html

https://www.bbc.com/news/world-latin-america-46413196

https://www.g20.org/en/g20/what-is-the-g20

By: AMMJ