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LATEST NEWS: US-China trade war takes a break with “phase one” deal

by ChemOrbis Editorial Team -
  • 16/01/2020 (09:10)
According to a statement on the website of the United States Trade Representative (USTR), US President Donald Trump and Chinese Vice Premier Liu He finally signed the first phase of the trade deal. This marked a pause in around two-year long dispute that rattled global economies.

As per the agreement, China agreed to boost purchases of the US products and services in the fields of energy, agricultural and manufacturing goods by at least $200 billion over the next two years.

When it comes to additional tariffs, the US will halve the tariff rate of 15% that was initially imposed on September 1, 2019 on a $120 billion worth of Chinese goods, to 7.5%, as promised.

Proposed tariffs that were scheduled to come into effect on December 15, 2019 on approximately $160 billion worth of Chinese goods have been suspended. In return, China’s retaliatory duty of 25% on US-made autos will also be postponed.

However, US Treasury Secretary Steven Mnuchin said in a statement on Wednesday that the current 25% tariff on $250 billion Chinese goods would remain in place until the Phase 2 agreement is reached.

The US intends to start negotiations of the Phase 2 trade deal before the general elections that are scheduled for November 2020.
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