by Manal Barakat, SeaNewsEditor

Representatives from the United States and China reached a preliminary agreement that would prevent the introduction of an additional 100% tariff on Chinese goods.

This development follows earlier threats by President Trump to impose such tariffs, which would have increased the total levy on Chinese imports to 130% when combined with existing measures.

Negotiations between the two sides have established a framework for further discussions, which are scheduled to take place between the leaders of the two countries on Thursday, 30 October, in South Korea.

According to the media, the latest round of tariff threats was prompted by China’s decision to tighten restrictions on the export of rare earth minerals. In response, the United States threatened to implement the additional tariffs.

Under the terms of the tentative agreement, China will postpone the enforcement of these export restrictions for one year while the policy is reviewed. Additionally, China will resume significant purchases of soybeans from the United States.