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U.S. and China reach partial trade deal

Posted On: Dec 12, 2019   |   Posted By: Politico

U.S. and China reach partial trade deal

The United States and China have struck a preliminary, mini-trade deal, two people familiar with the negotiations said today, a move that will calm tensions that have roiled economic relations between the world's two largest economies for nearly two years. The so-called phase one trade deal will require China to ramp up its purchases of U.S. farm goods within two years and enact financial services and intellectual property commitments, these people said. President Donald Trump is expected to cut back duties in place on $250 billion worth of imports and cancel a round of penalties on Dec. 15 that were expected to hit almost all remaining Chinese goods. The U.S. has imposed tariffs on nearly $360 billion worth of Chinese products in a trade fight that started over China's alleged theft and forceful transfer of technology from U.S. firms.
Article originally published on POLITICO Magazine

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