“Phase one” of trade deal with China confirmed

A tentative “phase one” U.S./China trade deal has been confirmed by the U.S. and China.

Chinese officials Friday confirmed recent reports of progress on the agreement and says the U.S. will begin a roll back of tariffs on Chinese goods.

On Twitter, President Trump says China will buy more agricultural, energy, and manufactured goods, and the tariffs scheduled for the 15th will not be charged, but some tariffs will remain in place.

The U.S. Trade Representative’s Office says the U.S. will maintain 25% tariffs on 250 billion dollars in Chinese goods and 7.5% duties on about 120 billion of imports, and the agreement establishes a strong system for the enforcement and dispute resolution.

Even if phase one is signed by U.S. and Chinese officials, more details will still need to be ironed out before the completion of a comprehensive trade deal between the world’s two largest economies.

President Trump says negotiations on “phase two” will begin immediately.

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