President Trump and China on Friday announced that they had reached a Phase One trade deal that would see a reduction in tariffs from both sides and increase China’s purchases of U.S. agricultural products.
“We have agreed to a very large Phase One Deal with China,” Trump wrote, adding that negotiations on “Phase 2” of the deal would begin immediately, rather than after the 2020 election.
Trump separately pushed back at reports that he had agreed to halve the 25 percent tariffs on $360 billion of Chinese imports.
“The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder,” he wrote.
In a press conference that began just minutes before, Chinese officials announced that agreement had been reached on text for the nine-part deal. The tariffs would not come down all at once, however, but rather be phased out over time.
But officials also noted that specifics regarding agricultural purchases, a major sticking point for President Trump, would be released at a later time. Agricultural imports from the U.S., officials conceded, would increase.
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