Trump and Beijing officials announce tariff rollback deal; farm purchases unclear

BEIJING/WASHINGTON (Reuters) – U.S. President Donald Trump and Chinese officials said Friday that they have agreed to a “phase one” trade deal that included cutting U.S. tariffs on Chinese goods. But they offered no specific details on the amount of U.S. agricultural goods Beijing had agreed to buy, a key sticking point of the lengthy deal negotiations. “We have agreed to a very large Phase One Deal with China,” Trump said on Twitter Friday morning. Officials in China have “agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more,” he said. The U.S. has agreed to suspend tariffs on $160 billion in Chinese goods due to go into effect on Dec. 15, Trump said, and cut existing tariffs to 7.5%. The agreement covers intellectual property, technology transfer, agriculture, financial services, currency, and foreign exchange, the United States Trade Representative said in a statement Friday morning. The United States will maintain 25% tariffs on $250 billion of Chinese imports, but cut tariffs in half to 7.5% on $120 billion in imports, the USTR said. In a press conference Friday night in Beijing, Chinese officials said the two countries have achieved major progress in… continue reading

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