A breakthrough to the us-china trade war with the world’s two largest economies agreeing to a partial trade deal it’ll see Beijing buy more American goods while Washington will scale back some of its tariffs on Chinese imports our community reports the US and China have reached an agreement on a Phase one trade deal providing a detent on the 17-month trade war be agreement called for Beijing to step up purchases of American products while Washington would scrap or scale back on tariffs.

 In a tweak U.S. President Donald Trump said.

 

His council plans to slap new tariffs of 15 percent on some 160 billion US dollars worth of Chinese goods.

While Washington will also have the tariffs on 120 billion dollars worth of Chinese imports to seven-and-a-half percent but the US will maintain 25% tariffs on another 250 billion dollars of products.

DONALD TRUMP

(PRESIDENT OF THE UNITED STATES)

 

This is a very large deal the China deal it covers tremendous manufacturing farming a lot of rules regulations a lot of things are covered in a phase 1 deal but a lot of big things are covered the tariffs will largely remain 25% on 250 billion dollars and we’ll use them for future negotiations on the Phase two deal.

US Trade Representative Robert light Heiser later told reporters that China agreed to buy thirty-two billion dollars of additional US agricultural products over two years as part of the deal thoughts on top of the 2017 baseline of 24 billion dollars in all Beijing is committed to buying an extra two hundred billion dollars in US goods and services however specifics were not disclosed to avoid disrupting the commodity markets China confirmed the deal but didn’t provide many details either Beijing said its core concern was u.s. removing tariffs on Chinese goods adding that the two sides had agreed on the text of a nine-chapter agreement that includes intellectual property technology transfers and agricultural products.

WANG SHOUWEN

(MINISTRY OF COMMERCE)

 

Both sides have reached the consensus that the US will fulfill its commitments to phase out additional tariffs on Chinese products so as to achieve a switch from hiking to the cutting of additional tariffs.

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