The broad outlines of the deal are similar to a deal in principle announced by US President Donald Trump in October.
The United States and China have agreed on the terms of a “phase one” trade deal that reduces some US tariffs on Chinese goods while boosting Chinese purchases of American farm, energy and manufactured goods and addressing some US complaints about intellectual property practices.
The United States will cut by half the tariff rate it imposed on Sept 1 on a US$120 billion list of Chinese goods, to 7.5% Trump has demanded that China buy US$50 billion worth of American farm goods annually. US Trade Representative Robert Lighthizer said China agreed to make its best efforts to increase its purchases by another US$5 billion annually to get close to US$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 US 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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