'Momentous step': U.S., China sign landmark 'Phase One' trade agreement, signaling pause in trade war
WASHINGTON – With the stroke of a pen, the U.S. and China on Wednesday formalized a limited trade deal that signals a pause in the nearly two-year trade war between the world’s two largest economies and sets the stage for talks toward a broader agreement down the road.
Speaking through a translator, Liu read a message from Chinese President Xi Jinping, who said the deal “is good for China, for the U.S., and for the world." "All the big trade issues between the U.S. and China remain unaddressed and punted into the future," said David Rothkopf, a senior trade official during the Bill Clinton administration. "It is a Potemkin Deal, a sham."Regardless, Trump and a delegation of Chinese officials gathered in the White House’s ornate East Room on Wednesday for the formal signing ceremony.
“He is in charge of the economy , and he is a close confidante of Xi Jinping, so his signature brings the imprimatur of the Chinese government,” Allen said. “I think it’s a very good thing.” As part of the Phase One deal, the U.S. agreed to shelve plans for tariffs on another $160 billion in Chinese goods that had been set to take effect last Dec. 15. The U.S. also said it would cut by half the 15% tariff rate it imposed on $120 billion of Chinese goods Sept. 1.
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