The United States and China have agreed on the terms of a 'phase one' ...
WASHINGTON - The United States and China have agreed on the terms of a “phase one” trade deal that reduces some U.S. tariffs on Chinese goods while boosting Chinese purchases of American farm, energy and manufactured goods and addressing some U.S. complaints about intellectual property practices.
The United States will not proceed with 15% tariffs scheduled to go into effect on Sunday on nearly $160 billion worth of Chinese goods, including cell phones, laptop computers, toys and clothing. U.S. tariffs of 25% on $250 billion worth of Chinese goods will remain unchanged, providing U.S. negotiating leverage for a second phase of negotiations next year.U.S. officials say China agreed to increase purchases of American products and services by at least $200 billion over the next two years, with an expectation that the higher purchases will continue after that period.
Trump has demanded that China buy $50 billion worth of American farm goods annually. U.S. Trade Representative Robert Lighthizer said China agreed to make its best efforts to increase its purchases by another $5 billion annually to get close $50 billion. China also agreed to refrain from directly supporting outbound investment aimed at acquiring foreign technology to meet its industrial plans — transactions already restricted by stronger U.S. security reviews.The currency agreement contains pledges by China to refrain from competitive currency devaluations and to not target its exchange rate for a trade advantage — language that China has accepted for years as part of its commitments to the Group of 20 major economies.
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