Trump says "very large Phase One Deal" with China agreed

The United States and China have reached a “very large” trade deal, President Donald Trump has announced. The accord will see China step up its imports of American products, and could end a two-year trade war.

The president claimed that under the agreement, China will make “massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.”

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. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder….

— Donald J. Trump (@realDonaldTrump) December 13, 2019

However, the 25 percent levies on around $250 billion worth of Chinese goods will remain in place, and the planned 15 percent duties on $160 billion of Chinese consumer products will be unaffected by the deal. Certain other existing tariffs on $120 billion in Chinese goods will be rolled back from 15 percent to 7.5 percent.

Negotiations on phase two of the deal will begin immediately, Trump added.

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