The United States and China have agreed to the first phase of a trade deal that, once signed, would see some US tariffs be reduced or repealed. US Trade Representative Robert Lighthizer, speaking to CBS on Face the Nation, said that while there are still some “scrubs”, the deal is “totally done, absolutely”. Phase one of the trade deal will see some US tariffs on Chinese goods be reduced or repealed in exchange for China increasing its expenditure on US agricultural, manufactured, and energy products by at least $200 billion over the next two years. Among the tariffs to be affected are the December 15 tariffs against China, which will be completely rolled back as part of the deal. Products that were set to be hit by the December 15 tariffs included cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing. With the rolling back of these tariffs however, US consumers will now avoid having to pay an extra 10% for these products. “We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured… Read full this story
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