Trade talks between China and the U.S. continued, leading to the U.S. calling off the Oct. 15 tariff increases, according to the Associated Press. The tariffs would have increased from 25% to 30% on $250 billion worth of Chinese imports. The cancellation came with compromise and negotiation.
In exchange for the tariff cancellation, China has agreed to buy between $40-50 billion worth of U.S. farm products, in addition to concessions on intellectual property. Intellectual property has been one of the main sticking points in the trade wars.
Despite the Oct. 15 tariffs not going underway, the Dec. 15 tariffs are still scheduled to be implemented. These tariffs will affect the 15% tariffs on $160 billion worth of Chinese goods. U.S. Trade Representative Robert Lighthizer calls the Oct. 15 cancellation the "phase one" deal, which will take about five weeks to get the deal in writing.
—Christie Citranglo, editorial associate