[Update] Trump signs phase 1 China trade deal, avoiding brutal December tariffs
President Donald Trump has signed off on a phase one trade deal with China, crucially avoiding a looming December 15 tariff deadline, after negotiators from both sides agreed upon terms earlier on Thursday, BloombergThe U.S. and China agreed upon terms for the so-called phase one deal, with Trump signing off on the deal later in the day, leading Wall Street investors to rejoice.
After months of drawn out negotiations to hammer out the terms of the phase one deal, first announced in October, the news sent the stock marketThe deal reportedly includes promises by China to buy more U.S. farm goods, Bloomberg reported., U.S. negotiators have offered to slash existing tariffs, which cover roughly $360 billion of Chinese goods, by 50%.
The U.S. will also cancel the next round of China tariffs, planned to take effect on another $156 billion of Chinese goods on December 15, theIncluded in the deal is a promise made by China to do more to stop intellectual property theft, and both sides agreed to refrain from purposely manipulating their currencies.
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