US President Donald Trump and Chinese officials have agreed to a “phase one” trade deal that includes cutting US tariffs on Chinese goods.. Washington has agreed to suspend tariffs on $160 billion in Chinese goods due to go into effect on Dec. 15, Trump said, and cut existing tariffs to 7.5 per cent.The agreement covers intellectual property, technology transfer, agriculture, financial services, currency, and foreign exchange, according to Washington’s Trade Representative. Neither side offered specific details on the amount of US agricultural goods Beijing had agreed to buy - a key sticking point of the lengthy deal negotiations. News of the trade deal saw US stocks romp to fresh record levels. But few doubt that the rollercoaster is over yet.While Trump announced that “phase two” trade talks would start immediately, Beijing made it clear that moving to the next stage of the trade negotiations would depend on implementing phase one first. While markets cheered the December rally, few expect the trade deal rollercoaster ride to be quite over yet.
from Economic Times https://ift.tt/38Hd1XU
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