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China, U.S. Make Headway on Trade Pact
China and the U.S. agreed on Friday to “phase one” steps to de-escalate their trade war and attempt to reach a broad agreement that each country’s leader could sign by year-end.
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China and the U.S. agreed on Friday to “phase one” steps to de-escalate their trade war and attempt to reach a broad agreement that each country’s leader could sign by year-end.
China will increase its purchase of American farm products to at least $40 billion and has agreed to unspecified measures involving currency controls, intellectual property protection and access by American-based financial services.
The U.S. will suspend plans on Oct. 15 to raise existing tariffs by five percentage points to 30% on $250 billion worth of Chinese imports. Another $150 billion in new tariffs due to take effect on Dec. 15 remain in play for now.
President Donald Trump says envoys will need 3-5 weeks to formalize the first-step agreement, which was tentatively approved Friday afternoon this afternoon in Washington, D.C., between him and China Vice Premier Lieu He.
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