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US, China announce “Phase one” agreement restricting trade war

Speaking at a news conference, senior Chinese government officials said that Beijing has decided to cancel an earlier plan to impose additional tariffs on U.S. imports on December 15.

China’s vice commerce minister said at a briefing in Beijing that, the United States has promised to cancel some tariffs on a phased basis.

Chinese officials offered no specific details on the amount of U.S. agricultural goods Beijing had agreed to buy. This was a key sticking point in recent deal negotiations to end the 17-month trade war between the world’s two largest economies.

The U.S. has agreed to suspend tariffs on 160 billion US dollars in Chinese goods due to go into effect on December 15, and cut some existing tariffs to 7.5%.

China says they agree with U.S. on phase one of trade deal. China, US agree on text of phase one trade deal to end trade war.

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