NOTE: This agreement means NEW tariffs won’t go into effect. The previous rounds of tariffs remain in effect.
President Trump and China on Friday announced that they had reached a “phase one” trade deal that would see a reduction in tariffs from both sides and increase China’s purchases of U.S. agricultural products.
“We have agreed to a very large Phase One Deal with China,” Trump announced on Twitter, adding that negotiations on “Phase 2” of the deal would begin immediately, rather than after the 2020 election.
Trump and his administration pushed back at reports that he had agreed to halve the tariffs on billions of Chinese imports.