The United States and China have reached an agreement Sundays free rates
President Donald Trump said Friday that the United States on Sunday canceled plans to impose new tariffs on Chinese imports worth 160 billion dollars as part of a modest interim agreement that reduces the 17-month trade war between the two more Great of the world. economies
The United States is also reducing existing import taxes by approximately $ 112 billion in Chinese products from 15 to 7.5.
In return, Trump said on Twitter, the Chinese agreed to make "massive" purchases of US agricultural and manufactured products as part of a so-called Phase 1 agreement. Trump's trade representative's office said China had consented to "structural reforms ". 'That would improve the protection of intellectual property and curb the practice of forcing foreign companies to deliver technology such as the admission price to the Chinese market. But he did not offer details, and business groups said more had to be done to combat Beijing's aggressive business practices.
"This agreement should go a long way to reverse the downward spiral in bilateral trade relations and increase certainty for US companies," said Wendy Cutler, a former US trade negotiator and now vice president of the Society Policy Institute. Asia. But, he said, `` it is not clear to what extent the Phase 1 agreement comes to address the key structural problems that brought the United States to the negotiating table 17 months ago. ''
Trump's announcement came minutes after the House of Representatives Judicial Committee approved the impeachment charges for abuse of power and obstruction of Congress, which led the White House to argue that the president "never stops working and continues to make successful agreements that benefit this country. "
Chinese officials said at a press conference in Beijing on Friday that if Washington reduces tariffs, China will reduce its trade sanctions on US products and also rule out plans for new tariffs on Sunday.
Trump told reporters at the White House that Chinese agricultural purchases would reach $ 50 billion. China's vice minister of finance, Liao Min, said "China is ready to work with the US side to do more to promote trade growth," but did not confirm the $ 50 billion figure. Agricultural exports from the United States to China have never exceeded $ 26 billion a year.
The agreement announced on Friday leaves some of the most thorny problems unsolved. But Trump said the follow-up work would begin `` immediately, instead of waiting until after the 2020 elections. This is an incredible deal for everyone. Thank you!''
Financial markets recovered in Asia with the hope of reducing trade tension. But the action fell modestly in the first operations on Wall Street.
The administration accuses China of cheating in its attempt to develop advanced technologies such as driverless cars and artificial intelligence. The administration alleges, and independent analysts generally agree, that China steals technology, forces foreign companies to hand over trade secrets, unfairly subsidizes their own companies and throws bureaucratic obstacles for their foreign rivals.
Beijing rejects the accusations and states that Washington is simply trying to repress a rising competitor in international trade.
Since July 2018, the Trump administration has imposed a disconcerting series of trade sanctions on China, sometimes changing or delaying planned tariff rates.
Friday's announcement means the United States will continue to impose import taxes of more than $ 250 billion on Chinese products and halve tariffs of another $ 112 billion to 7.5. It will eliminate plans to target an additional $ 160 billion. That step would have extended tariffs to almost everything China sells to the United States and would have affected consumer items, such as toys and smartphones that have so far been largely waived.
Beijing has retaliated by taxing US $ 120 billion, including soybeans and other agricultural products that are vital to many of Trump's supporters in rural America.