China and the U.S. have reached an agreement on the text of a phase one trade deal and will now move toward signing a deal as quickly as possible. Under the accord, the U.S. will scrap tariffs on Chinese goods in phases.
President Donald Trump announced on twitter that his administration would cancel its next round of tariffs on Chinese goods which was set to take effect Sunday. He also said that the White House would leave 25% tariffs on $250 billion in imports in place, while cutting some existing tariff rates to 7.5%.
We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Products, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder….
— Donald J. Trump (@realDonaldTrump) December 13, 2019
…..The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!
— Donald J. Trump (@realDonaldTrump) December 13, 2019
The developing deal involves intellectual property, technology transfers, agricultural goods, financial services and expansion of trade. The agreement still needs to go through legal procedures.
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