Trump, China announce 'Phase One' trade deal

Source: The Hill | December 13, 2019 | Niv Elis

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.

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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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  •  EVERYDAY #34137

    Another worthless agreement that both sides will violate before the ink is dry.

    Apparently, the stock market is not impressed. The Dow is down slightly as of a few minutes ago. Not that Trump cares that our retirement nest eggs and our investments will be swirling the bowl.

     Consistent #34144

     Consistent #34146

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