President Trump and Chinese Vice Premier Liu He signed an initial "Phase One" trade agreement Wednesday. This agreement freezes a 20-month trade war between Washington and Beijing and opens the door to a more-substantial "Phase Two" deal.
The deal is said to include commitments by China to buy $200 billion of U.S. goods, including as much as $50 billion in agricultural products over two years.
President Trump and Chinese Vice Premier Liu He signed an initial "Phase One" trade agreement Wednesday, freezing a 20-month trade war between Washington and Beijing and opening the door to a more-substantial "Phase Two" deal.
The deal is said to include commitments by China to buy $200 billion of U.S. goods, including as much as $50 billion in agricultural products over two years. It will also halve 15 percent tariffs on $120 billion of Chinese imports, though 25 percent tariffs on an additional $250 billion of imports will be left in place. Agreement on the deal prevented a planned increase in the tariff rate in October and a new round of tariffs in December.
Congressman Sam Graves was quoted as saying “Today’s signing of a ‘phase one’ trade deal with China is a much-needed win for North Missouri farmers. We have waited patiently for a trade breakthrough and this is an excellent start—ensuring China will quit cheating American businesses and leveling the playing field for American farmers. President Trump promised to get better trade deals done to put American businesses, American farmers, and the American people first—this ‘phase one’ deal does just that. I am eagerly awaiting the completion of a ‘phase two’ deal with China to give our farmers, businesses, and families even more certainty moving forward.”
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