Trump agrees to limited trade deal with China
(Baonghean) - US President Donald Trump has just agreed to a limited trade deal with China, to replace a round of tariffs that will take effect from Sunday - December 15.
 |
| Will the US-China trade war be put on hold with President Donald Trump's latest move? Photo: Getty |
According to the latest announcement, President Donald Trump has basically agreed to a deal to temporarily halt the US-China trade war. This agreement could be announced as early as today - Friday (December 13). According to BBC, the US side agreed to cut tariffs in half on $350 billion worth of Chinese goods; in return, Beijing will increase purchases of Washington's agricultural products.
Michael Pillsbury, a top adviser to the president, said he had spoken directly to the president, confirming that Trump had asked China to buy $50 billion in US agricultural products next year, along with energy and other goods. In return, the US would reduce tariffs on many Chinese imports, ranging from 15% to 25%. Previously, the Wall Street Journal reported yesterday that the US had also offered to cancel new tariffs on $156 billion worth of goods that Trump threatened to impose on China on Sunday, December 15.
According to President Trump, this agreement is called phase 1, including measures to improve intellectual property protection, open financial services markets, prevent currency manipulation..., and will create the premise for phase 2. This phase will address more difficult issues, including forced technology transfer, subsidies as well as problems with Chinese state-owned enterprises.
CNBC quoted Myron Brillian - US Chamber of Commerce commented that although there are many issues to be resolved, this is a "good starting point". The agreement will bring a certain advantage to Mr. Trump who is under a lot of political pressure, especially the impeachment investigation that is going on in the US Congress. This step has also pushed the US stock market to a record high.
According to BBC, yesterday, President Trump posted a tweet implying that the US and China were very close to a trade deal. However, on the Chinese side, according to Politico, a spokesman for the Chinese Embassy in the US did not comment when asked about this issue./.
