WASHINGTON D.C. – According to news reports, the Trump administration is agreeing to a limited trade deal with China that could roll back some tariffs and cancel nearly $160 billion in new tariffs.
The Wall Street Journal and New York Times reported late Thursday that President Trump met with economic and trade advisors earlier in the day to discuss the agreement, which would potentially reduce tariffs on some $360 billion in Chinese-made products.
The agreement also would cancel planned tariffs on $156 billion in goods including children’s products such as high chairs, booster seats and play yards. This was originally set to be imposed on Sunday.
The Wall Street Journal reported that the deal is contingent on China buying some $50 billion in agricultural products in addition to energy and other goods in 2020. If China reneges on the deal, the tariffs would be reinstated, according to the report.
Some tariff rate reductions are expected to be announced today.
The newspaper reported the deal also calls for intellectual property protection and the prevention of Chinese currency manipulation along with the opening of Chinese financial markets. It also is expected to lead to a second phase deal that would address forced technology transfer, subsidies and other activities of Chinese state-owned companies.
For more details, visit https://www.wsj.com/articles/trump-says-u-s-is-very-close-to-a-big-deal-with-china-on-trade-11576162614.
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