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Trump reaches deal with Beijing to scrap new China tariffs and roll back others

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trump-reaches-deal-with-beijing-to-scrap-new-china-tariffs-and-roll-back-others

Sean Higgins

December 13, 2019

Beijing and the White House announced Friday they had reached an agreement that would prevent new U.S. tariffs on Chinese goods from going into effect Sunday and reduce some existing tariffs. In exchange, China will increase its purchases of U.S. farm goods.

"We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more," Trump tweeted.

In a follow-up tweet, Trump said, "The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal." The White House had previously been set to enact 15% tariffs on a further $156 billion worth of Chinese goods starting Sunday.

(Snip)

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Trump: ‘We Have Agreed to a Very Large Phase One Deal With China’

President Donald Trump said that his administration has reached a “phase one deal” with China, adding that the two countries will immediately start negotiating a “phase two” trade agreement.

“We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.,” Trump said on Friday.

The United States will maintain 25 percent tariffs on approximately $250 billion of Chinese imports, he said, adding that there would be 7.5 percent tariffs on about $120 billion of Chinese imports—marking a 50 percent reduction in those tariffs.

Trump said that U.S. tariffs set to take effect on Sunday on about $160 billion of Chinese consumer goods will not be imposed in light of the deal.

:snip:

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