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U.S. and China reach 'phase one' trade deal

Credit: Reuters Studio
Published on December 13, 2019 - Duration: 01:21s

U.S. and China reach 'phase one' trade deal

The United States and China cooled their trade war on Friday, announcing a "Phase one" agreement that reduces some U.S. tariffs in exchange for increased Chinese purchases of American farm goods.

Yahaira Jacquez reports.

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U.S. and China reach 'phase one' trade deal

(SOUNDBITE) (ENGLISH) U.S. PRESIDENT DONALD TRUMP SAYING: "It's a phase 1 deal but a lot of things are covered." Washington and Beijing on Friday announced that both sides agreed to roll back tariffs as part of an initial trade deal between the globe's two largest economies.

Chinese officials said they had cancelled tariffs set to go into effect Sunday, and agreed to import more U.S. farm products.

U.S. President Donald Trump on Twitter said the sides had agreed to a 'phase 1' trade deal, which included slashing tariffs on about $120 billion worth of goods.

But Trump on Friday said other tariffs would stay in place to leverage the next phase of the trade deal.

(SOUNDBITE) (ENGLISH) U.S. PRESIDENT DONALD TRUMP SAYING: "The tariffs will largely remain - the 25% on $250 billion, and we'll use them for future negotiations on the phase 2 deal." The announcements Friday leave much unanswered: how much American agriculture the Chinese will buy, and over what time period?

It also pushes off what American trade officials have called the fundamental issues in U.S.-China trade: such as intellectual property protections.

Trump has said he doesn't expect a broader trade deal before next year's presidential elections.

Global markets rallied on the news nonetheless on signs of a step toward resolving a grueling trade war.

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