Posted on 12/13/2019 9:06:35 AM PST by caww
“We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.,” Trump said on Friday.
The United States will maintain 25 percent tariffs on approximately $250 billion of Chinese imports, he said, adding that there would be 7.5 percent tariffs on about $120 billion of Chinese imports—marking a 50 percent reduction in those tariffs.
Trump said that U.S. tariffs set to take effect on Sunday on about $160 billion of Chinese consumer goods will not be imposed in light of the deal.
“The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!” he added.
United States Trade Representative Robert Lighthizer confirmed the deal, writing in a statement: “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.”
The announcement came a day after Trump declared, “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”
(Excerpt) Read more at theepochtimes.com ...
This stinks but what do I know? I am just a pro American patriot.
China is not too worried about 1 more year of tariffs. 5 more years is a different matter. China thinks Trump will win in 2020. If the Dems were winning the impeachment propaganda struggle they might not be so willing to deal.
100%
Imagine Biden winning in 2020. “Obama said those US jobs were never coming back, so they shouldn’t exist...” I think that would make China very happy.
no doubt
There’s a deal.
Both parties have held back much- subject tp performance.
“Phase one”, not final, not even a ‘big deal’ really, but a good start.
We still have a lot of tariff on them.
It’s not just their banking system.
There’s a disease raging through their hog farms and the Fall Army Worm is devastating their crops.
The Chinese are in trouble.
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