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U.S. outlines ‘Phase One’ trade deal with China, suspends partial tariff hike


now we begin with a trade war between
Washington and Beijing the US and China finally reached a truce in their 15
months trade war on Friday they agreed on a face one deal that will see the
u.s. holding off tariff increases next week in exchange for some Chinese
concessions our wonder one starts us off the trade dispute between the world’s
two largest economies seems to have cooled down for now the United States
and China agreed on Friday to the first phase of ideal to end their trade war
prompting President Donald Trump to suspend a threatened tariff hike in
return for China increasing its purchases of US agricultural goods the
tentative agreement covering agriculture currency and some aspects of
intellectual property protection will offer some respite to the global economy
and could calm markets unnerved by escalating tensions between the two
countries the announcement did not include many details and President Trump
said it could take up to five weeks to get the deal written but where Chinese
Vice Premier Li oh-ha sitting across a desk from him Trump told reporters that
the two sites were very close to ending their trade dispute there was a lot of
friction between the United States and China and now it’s a lovefest that’s a
good thing but that’s good for China it was good for us but it’s good for the
world Beijing agreed to some additional purchases of farm goods particularly soy
beans and pork worth between 40 and 50 billion u.s. dollars a year more than
doubled the levels before the trade war and the u.s. agreed not to proceed with
a hike in tariffs to 30 percent from the current 25 percent on about 250 billion
dollars of Chinese goods the hike was due to have gone into effect on Tuesday
however the u.s. did not roll back any of the existing tariffs on Chinese goods
that were imposed since the start of the trade war in early 2018 including 15
percent levies on a further 110 billion dollars of goods that came
into effect in September and the u.s. is also keeping alive the threat of 15%
tariffs on a new batch of Chinese goods which would go into effect in December
but for now it is a step towards ending the 15 months tariff war that has hit
financial markets and slowed global growth the two sides aim to finalize the
text of the limited agreement in the next five weeks ahead of a possible
summit between Trump and Chinese leader Xi Jinping at the APEC leaders meeting
in Chile next month Rondon arirang news

4 Comments

  1. Fred Ingebritson Author

    no deal with china would be better than any deal at all. no china no deal. america does not want to be china's special administrative region.

    Reply
  2. dedoshucos Author

    Sooooo much inovation in China… Yet it all comes crumbling down without "essential US technology".
    What this has done is exposed the FRAGILE state of China's economy and how much it relies on the US to grow.
    You're not the leader of 5G if you're dependant on US for crucial parts to build your networks.
    Your Great companies CANNOT survive a US blacklist and tremble in fear of the thought of being delisted from the US stock exchanges knowing it means R.I.P. China dream.
    CHINA NEEDS THE US 10 TIMES FOLD THEN WHAT THE US NEEDS CHINA.

    Reply

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