December 13, 2019 - China and the U.S. announced Friday they have reached a phase one trade deal including some tariff relief, increased agricultural purchases and structural change to intellectual property and technology issues.
Some details of the partial accord, which the world’s two largest economies will now move toward signing as they aim to rein in a boiling trade war, appeared murky.
The U.S. plans to scrap tariffs on Chinese goods in phases, a priority for Beijing, Vice Commerce Minister Wang Shouwen said. However, Wang did not detail when exactly the U.S. would roll back duties.
Trump later said his administration would cancel its next round of tariffs on Chinese goods set to take effect Sunday.
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