The United States has agreed on a trade deal with China that will suspend a tranche of tariffs on Chinese goods set to kick in on the weekend and reduce some of the existing tariffs that have been introduced in the tit-for-tat trade war, USA media said Thursday.
Trump said on October 11 that a phase-one deal had been agreed with China, which includes Chinese purchases of $40 billion to $50 billion worth of USA agricultural products annually, and better protections for intellectual property rights. But Trump said work on a follow-up would begin "immediately, rather than waiting until after the 2020 Election".
Trump called it 'an unbelievable deal for all'. "Thank you!" he added.
Discussions now are focused on reducing those rates by as much as half, as part of the interim agreement Trump announced nearly nine weeks ago.
The latest escalation in the trade war came in September with the implementation of increased tariffs - from 10 per cent to 15 per cent - by the United States on Chinese imports worth $112 billion.
With the expansion of China's domestic market, Chinese enterprises will import more high-quality and competitive goods and services from countries including the United States under the WTO rules as well as market rules and business principles.
Trump's son-in-law, Jared Kushner, has recently taken a larger role in US-China trade negotiations, and is among the advisers pushing the 50pc tariff rollback, one person briefed on the talks said.
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News of the deal comes days before the White House is due to impose a new tranche of tariffs on $160bn in consumer goods on 15 December. The US side is said to have promised to cancel additional tariffs on Chinese products, and is expected to increase waivers for imports.
In Washington, U.S. Trade Representative Robert Lighthizer said the deal "achieves meaningful, fully-enforceable structural changes and begins rebalancing the U.S".
Trump's overall goal with China, a keystone of his presidency, is to uproot what Washington says are Beijing's predatory trade practices, including forced technology transfers and massive intellectual property theft.
The tepid reaction from traders may indicate Wall Street is holding back its enthusiasm until the Trump administration produces a signed deal that analysts can pore over.
The silence had raised questions over whether the two sides could reach a truce in their trade war before the new tariffs on roughly $160 billion of Chinese goods took effect Sunday.
The US has been pushing for Beijing to commit to buying $50bn in agricultural products in 2020, a figure at which Chinese officials have previously balked. "Well, we don't always trust them, either".