‘Phase One’ Agreement between the US and China

The United States and China announced a “Phase One” agreement under which the US will reduce some tariffs in exchange for increased Chinese purchases of American farm and energy goods.

“Phase One” Agreement

• Tariffs: As part of the deal, the US will halve its 15 per cent tariff on about $120 billion in Chinese goods. It will also suspend indefinitely planned duties that were set to take effect. China, on the other hand, didn’t agree to specific tariff reductions in the deal. Instead, the nation’s obligation is to make the purchases and to have an exclusion process for its tariffs.
• Purchases: ....