US starts baby steps towards re-opening trade with China.
- By : Panama Now
- Category : International Relations, US News of note
https://www.prensa.com/economia/china-anuncia-fase-uno-de-acuerdo-comercial-con-estados-unidos/
China announced on Friday the “phase one” of a trade agreement with the United States, which includes a “phased” reduction of punitive US tariffs against Chinese products, which weigh in the world economy.
“The two countries agreed on the text on a phase one of an economic and trade agreement,” a Deputy Minister of Commerce, Wang Shouwen, told reporters, adding that the two sides have yet to sign the agreement.
Meanwhile, the United States resigned to impose a new saving of tariffs on Chinese goods for 160 billion dollars as part of a first agreement with Beijing, President Donald Trump said Friday.
The tariffs “will not be imposed by the fact that we reached an agreement,” Trump said on Twitter after Beijing announced the pact on the trade war between the world’s largest economies.
Trump said the current 25% tariffs on imported Chinese products for 250 billion dollars will be maintained, which are pending for a second phase of the agreement along with 7.5% tariffs for other imports for 120 billion dollars.
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