Economics
U.S., China Reach Phase-One Deal, Easing Trade Tensions
- Beijing pledging more agriculture buying as U.S. cuts duties
- Formal signing to come early January, according to Lighthizer
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The U.S. and China agreed to the first phase of a broader trade agreement that will see the U.S. reduce tariffs, and at least temporarily calm fears of an escalating trade war between the world’s two largest economies.
The deal announced hinges on China increasing purchases of American farm goods such as soybeans and pork, and making new commitments on intellectual property, forced technology transfer and currency. Speaking to reporters in Washington, President Donald Trump said he expects China’s agriculture buying to hit $50 billion annually “pretty soon.”