Monday, Sep 21

US signs off on tariff deal with China

Trump on Thursday signed off on a trade deal with China that would delay a new round of tariffs that was to be put in place on Dec. 15.
13.12.2019 - 14:26

Washington has set its terms for a trade deal with China, offering to suspend some tariffs on Chinese goods and cut others in exchange for Beijing’s buying more American farm goods, US sources said.

CHINA WILL BUY $50 BILLION-WORTH US MPRODUCTS

Beijing’s silence, however, raised questions over whether the two sides can agree a truce in their trade war before a new round of tit-for-tat tariffs takes effect on Sunday.

A source briefed on the status of bilateral negotiations said the United States would suspend tariffs on $160 billion in Chinese goods expected to go into effect on Sunday and roll back existing tariffs.

In return, Beijing would agree to buy $50 billion in US agricultural goods in 2020, double what it bought in 2017, before the trade conflict began, two US-based sources briefed on the talks said.

New Chinese tariffs on US goods are due to take effect at 0401 GMT Sunday and new US tariffs on Chinese goods will apply at 0501 GMT. Both would need to make formal announcements to postpone or cancel the tariffs.