President Donald Trump said the U.S. and China have reached what he called a substantial “phase one“ deal in which Beijing agreed to limited measures to improve trade ties between the countries.
In exchange, Trump will not move forward with another round of tariff increases against roughly $250 billion in Chinese goods that had been set to take effect on Tuesday.The announcement indicates an easing of trade tensions between the world’s two largest economies after several political and economic actions increased pressure in recent days, including the Trump administration blacklisting several Chinese firms from doing business with U.S. companies.
Trump said there would be a second phase of negotiations, and added that he would sign the first phase when he meets with Chinese President Xi Jinping at next month’s Asia-Pacific Economic Cooperation leaders’ summit. “A final deal must address the full scope of structural issues identified in USTR’s Section 301 report and include strong enforcement mechanisms,” Grassley said. “After so much has been sacrificed, Americans will settle for nothing less than a full, enforceable and fair deal with China. I look forward to learning more details in the coming days.”
The U.S. trade chief also said the two sides were very close to an agreement on a “workable dispute-settlement mechanism” to enforce the pact. The two countries also rolled out a previously agreed-upon deal that reaffirms international commitments to refrain from devaluing currencies to gain an export advantage.
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