It seems the trade war between China and the US, two of the world’s biggest economies is about to run its course. CNBC reports that the both countries have reached what is called a “phase one” agreement.
On Friday, December 13, 2019, the two countries finally reached a trade deal, statements from representatives officials of both countries said.
The president of the United States, President Trump as agreed as part of the trade agreement to hold off on new tariffs on imports from Beijing while the 25% tariffs on the $250 billion in imports will remain. The US will, however, cut some previous tariff rates to 7.5% on imports of $120 billion.
President Trump has hinted that talks on “phase two” will start immediately.
China on its own part has pledged to significantly increase the volume of agricultural purchases from the US. The Chinese official was not specific on how much.