United States reaches 'deal in principle' with China on trade

Daniel Fowler
December 13, 2019

His office said that the deal requires structural reforms and other changes to China's economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.

It was also reported that Washington planned to suspend new tariffs, scheduled for Sunday on $US160 worth of Chinese imports, in an attempt to secure a "phase one" trade deal with Beijing.

Mr. Trump, in his tweet, also mentioned energy and manufactured goods, "plus much more", without offering further details.

The deal presented to Trump by trade advisers on Thursday included a promise by the Chinese to buy more United States agricultural goods, the people said. But Trump said work on a follow-up would begin "immediately, rather than waiting until after the 2020 Election".

Calling the phase one pact "an fantastic deal for all", Trump said phase two negotiations will begin "immediately" rather than wait until after the 2020 election. "Thank you!" President Trump said.

Discussions now are focused on reducing those rates by as much as half, as part of the interim agreement Trump announced nearly nine weeks ago.

"If we can get a deal with China and if markets move, if we can accumulate these trading relationships that we have and we get back to more stable trade relationships, I would be hopeful we would not need a third Market Facilitation Program", said Perdue, using the formal name for the trade war payments.

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The final terms governing commerce between Washington and Beijing are still being hammered out, but Trump is expected to roll back over time the $360 billion in tariffs on Chinese goods already in place.

The two countries have achieved major progress in their phase one trade negotiations, Beijing officials said, and agreed on the text of a phase one deal.

The Chinese side believes that China and the United States, the world's two largest economies, must deal with bilateral economic and trade relations with the big picture in mind.

By keeping much of the existing tariffs in place, Trump told reporters later Friday that the USA would have leverage in the next round of talks.

Perdue said US agriculture would see "a real bonanza" if the sales took place, reported DTN/Progressive Farmer.

USA negotiators have proposed cutting 50 percent of the customs duties on Chinese goods for about $ 375 billion, two sources said. "They want it, and so do we!" he wrote.

Trump's announcement came minutes after the House Judiciary Committee approved impeachment charges of abuse of power and obstruction of Congress, leading the White House to argue that the president "never stops working and continues to make successful deals that benefit this country".

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