China Confirms the Achievement in “Phase One” Deal with USA, Phase Out Tariffs on Dec. 15
Beijing has confirmed the achievement on the “Phase One” trade deal with the U.S., which will phase out tariffs on Chinese goods set to be imposed on Sunday.
The U.S. and China have agreed on the “Phase One” trade deal and will move on to sign the agreement as soon as possible, said Chinese official on late Friday December 13.
Vice Commerce Minister Wang Shouwen has confirmed that the “Phase One” trade deal will phase out tariffs on Chinese goods in this upcoming Sunday, but did not mention when will the U.S. rollback the already imposed tariffs on Chinese products.
This deal will provide more protection for foreign companies in China and Chinese companies in the U.S., added Chinese officials.
In exchange for the U.S. taking a step back, China has agreed to purchase more U.S. agricultural products in 2020. A source reported earlier that the value would be $50 billion worth of American products.
The U.S. President Donald Trump has tweeted that Washington will cut some existing tariff rates to 7.5%. He also said that the “Phase Two” negotiation will begin immediately.
