The United States and China announced they have reached a preliminary trade deal, providing U.S. farmers hope for increased sales and businesses some relief from billions of dollars in tariffs that they have had to absorb
The United States and China announced Friday they have reached a preliminary trade deal, providing U.S. farmers hope for increased sales and businesses some relief from billions of dollars in tariffs that they have had to absorb.
China was first to announce on the so-called phase one deal, which follows nearly two years of on-again and off-again negotiations, punctuated by Trump's tariffs hikes and Beijing's retaliation. Lighthizer told reporters Trump gave him the final go-ahead for the deal at around 10 a.m. Friday morning. The agreement also covers areas such as intellectual property protections, financial services market openings and protections against currency manipulation, he added.
China will increase purchases of U.S. farm goods "by a notable margin," but not in quantities that will disrupt China's own agricultural economy, a Chinese official said. In addition, purchases of U.S. wheat, corn and rice will stay within the import quota levels that China already has, said Han Jun, China's vice minister of agriculture.
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