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US, China officially agree on Phase-One trade deal
2019-12-13 18:54:36 GMT
(Economies.com)
The US and China announced that they officially agreed on the terms of the phase one of the final trade deal and started immediately to negotiate the phase two.
Under the new agreement, the US canceled its tariffs hike decision against China, which was due next Sunday.
While the US Department of the Treasury revealed that the current tariffs against China will remain, which are 7.5% on $120 billion worth of imports and 25% on $250 billion worth of imports.
China has confirmed agreeing to the phase-one deal terms that include technological intellectual property rights and its pledge to buy a certain size amount of US farm goods.
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