Updated 1 January 2020 at 11:41 IST
Donald Trump to travel to China in January after signing 'phase one' trade deal
US President Donald Trump will travel to China after signing the ‘phase one’ trade deal at the White House in the presence of high-level representatives.
US President Donald Trump will travel to Beijing after signing the ‘phase one’ trade deal at the White House in the presence of high-level Chinese representatives on January 15. Trump took to Twitter to announce that his visit to Beijing will mark the beginning of talks for ‘phase two’ trade deal.
Earlier, Trump had claimed that China, during the ‘phase one’ deal, agreed to many “structural changes” and “massive purchases” of agricultural product, energy, and manufactured goods, among others. The US trade representatives had also confirmed the ‘historic and enforceable agreement’ with China on Phase One trade deal. It said that the US will be maintaining 25 per cent tariffs on approximately $250 billion of Chinese imports, along with 7.5 per cent tariffs on approximately $120 billion of Chinese imports.
“President Trump has focused on concluding a Phase One agreement that achieves meaningful, fully-enforceable structural changes and begins rebalancing the U.S.-China trade relationship. This unprecedented agreement accomplishes those very significant goals and would not have been possible without the President’s strong leadership,” said United States Trade Representative Robert Lighthizer.
Suspension of additional tariffs
After the deal was finalised, Trump scrapped the penalty tariffs and China reciprocated to it by suspending additional tariffs on some US goods that were set to be implemented from December 15. China’s State Council Customs Tariff Commission, in a statement, said that the decision was taken in order to implement the results of the recent consultations between China and the United States on economic and trade issues.
The now-suspended retaliatory tariffs were meant to target several imported products including vehicles and auto parts originating from the US. The department clarified that the other already implemented tariffs against the US and Canada will remain in place ‘in accordance with regulations’.
Published By : Kunal Gaurav
Published On: 1 January 2020 at 11:41 IST