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Trump reportedly approves 'phase I' trade deal with China

13
Dec '19
Pic: Shutterstock
Pic: Shutterstock
US President Donald Trump has reportedly approved a ‘phase-one’ trade deal with China, averting the December 15 introduction of a new wave of US tariffs on about $160 billion worth consumer goods from latter. The deal presented to him by trade advisers at the White House yesterday is said to include a promise by the Chinese to buy more US agricultural goods.

The president reportedly signed off on a swap of US tariff reductions in return for China spending $50 billion on US farm goods, tightening its intellectual property protections and opening its financial services markets.

Trump tweeted yesterday that the United States and China are ‘very’ close to an agreement.

Possible reductions of existing duties on Chinese products were also discussed at the White House meeting, according to US media reports. Many of the more difficult issues are, however, still to be addressed.

Beijing is yet to respond on the development.

Fibre2Fashion News Desk (DS)


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