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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- Discussion
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JUST IN: Trump, China announces 'Phase One' trade deal with US https://t.co/2AqPBHPL75 pic.twitter.com/lhp0e3nCs7
— The Hill (@thehill) December 13, 2019
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.
Beause of course. https://t.co/jEtBDG1pSL
— Rick Wilson (@TheRickWilson) December 13, 2019
So the U.S. and China have both agreed to announce a "trade deal," which so far as I can tell consists entirely of both sides repeatedly saying the words "trade deal."
— Binyamin Appelbaum (@BCAppelbaum) December 13, 2019
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