Washington and Beijing finally end trade dispute after 2 years, here are major elements in deal. FMTNews USChina
Soybeans being harvested in Illinois. China will buy US$50 billion worth of American farm products.
Officials will work diligently to complete a legal review and translations of the text before a final signing, Wang Shouwen, deputy minister of commerce, said Friday.US and Chinese officials said the agreement includes protections for intellectual property, food and farm goods, financial services and foreign exchange, and a provision for dispute resolution.
For agriculture, that would mean a return to 2017 levels when American farmers exported US$19.5 billion in products to China. “Some of these problems have been talked about for more than 10 years, and this time there has been a substantive breakthrough,” he said.As part of the deal, Trump cancelled 15% tariffs that had been due to hit Sunday on US$160 billion in Chinese goods, especially electronics likes cell phones and computers, which would have been particularly painful to US consumers.
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