US-China Trade Deal : Facts Finder
Washington , Online Desk : Finally the most awaited US-China Trade Deal (Phase 1) signed today. US President Donald Trump and Chinese Vice-Premier Liu He signed “Phase One’ trade agreement at White House. Donald Trump stated the deal as a “Momentous‘ and ‘landmark‘ accord. However, the critics said , the trade deal benefits were relatively minor and left many difficult structural issues unresolved.
The Phase One trade deal may end the ongoing 18 months trade war between United States of America and Peoples Republic of China. US Trade representative Robert Lighthizer stated, some aspects of the deal will not be released to the general public including specific targets of the Chinese community purchases, in order to avoid market manipulation.
The Phase one US-China Trade deal will begin to resolve the nearly two year exchange of tariffs the two countries have levied on each others goods. As part of the deal , the Trump administration will cancel new tariffs on approximately $156 billion in Chinese imports that were set to take effect on December 15.
The US-China trade deal will also halve the existing 15% tariff rate on an estimated $120 billion of Chinese goods that were imposed in September.
LIVE: POTUS Signs the Phase One Trade Agreement! https://t.co/teqGqjdgeZ
— The White House (@WhiteHouse) January 15, 2020
Tariffs will remain on around $360 billion of annual Chinese imports to the United States.
The good sign is, China agreed to increase its orders of US Soybeans , pork and other agricultural products , manufactured goods and energy products by an estimated $200 billion over two years.
The US-China Trade deal will brings huge reliefs for US agriculture, especially for US Soybeans and Pork farmers.
(With inputs ‘The Sydney Morning Heralds” and China-Briefing )