China and the U.S. have agreed on the text of a phase one trade deal, which will see the removal of tariffs on Chinese goods in stages, Vice Commerce Minister Wang Shouwen said, as U.S. President Donald Trump announced some reduction in tariffs.

China will increase imports from the U.S. and other countries, Wang said at a briefing in Beijing Friday. The comments are China’s first response to a deal signed off by Trump on Thursday that would halt higher tariffs planned for Dec. 15 and represent the first phase in defusing the trade war that’s shaken the global economy.

Trump tweeted, “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
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....
Sent via Twitter for iPhone.

View original tweet.

“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!,” according to his Twitter post.

U.S. stocks rallied, with the S&P 500 Index jumping to a record, amid signs the tensions are easing between the world’s two largest economies. Washington and Beijing have been in trade war for about 18 months involving nearly $500 billion in products shipped between the two nations.


The text, which comprises nine chapters, includes sections on intellectual property, forced technology transfer, food and agricultural products, finance, currency and transparency, boosting trade, bilateral assessment and dispute resolution, according to the officials.

Both sides agreed to finish the final stages such as legal review and translation as soon as possible and work on arrangements for the final signing, said Wang.

First announced by Trump on Oct. 11, the interim deal with China offers a short-term political victory for the president and will allow him to claim that his tariffs have paid dividends, at the risk of being accused of postponing tougher issues like China’s industrial subsidies.

For Beijing, reducing even some of the tariffs that have been imposed since last year represents a win for President Xi Jinping, who is also facing pressure to not give in to the other side

Source: https://www.bloomberg.com/amp/news/articles/2019-12-13/china-says-deal-agreed-u-s-to-roll-back-tariffs-in-stages?__twitter_impression=true

It's a Win Win for all n sundry..... Pinned.

Whereas in Nigeria we have just sold the whole country and the future to China

beresponsible:
Whereas in Nigeria we have just sold the whole country and the future to China

thanks to China, millions of Nigerians are doing well in their businesses, and millions of Nigerians can afford the goods/lifestyle that they have (thanks to China). many couldnt afford a mobil phone if it wasnt for China Phones, many couldnt afford to dress stylishly if it wasnt for China counterfeit stuff... majority of homes in Nigeria would be overpriced if it wasnt for China household good...Nigeria wouldnt have thriving Innoson autos if it wasnt for China. abeg, give credit where credit is due...and stop foolishly comparing Nigeria with the US.

I knew it.
The election is around the corner.
Now the orange clown has something to campaign with even though
he caused the problem in the first place.

Xisnin:
I knew it.
The election is around the corner.
Now the orange clown has something to campaign with even though
he caused the problem in the first place.

exactly...

Xisnin:
I knew it.
The election is around the corner.
Now the orange clown has something to campaign with even though
he caused the problem in the first place.

Donalt Trump is a hard and a good negotiator. See how China came begging?
that is what is call leadership. He does anything he says, nobody dares him

You dont know what this man has achieved for his citizens and his country.
You think its APC president

let's settle this here
like for Donald Trump share for Buhari

Trump 2020 is almost certain. He's got three major trade deals done. The one with Japan, USMCA and now this. There's no reason to celebrate this one yet since the devil is always in the details.

And here in Africa.... Lol

Even heard Chinese now have there own police in Zimbabwe... Isn't that beautiful?

Y did I book space now? I feel like a teenager

Great

Meanwhile, Reduced Tariff Home & Office Furnitures

Nationwide delivery

LoL, and here in Nigeria the aim of border closure is still unclear and still not achieved.
Even the deals wey him sign person no know the effect/impact.

It's well

MrBrownJay1:


thanks to China, millions of Nigerians are doing well in their businesses, and millions of Nigerians can afford the goods/lifestyle that they have (thanks to China). many couldnt afford a mobil phone if it wasnt for China Phones, many couldnt afford to dress stylishly if it wasnt for China counterfeit stuff... majority of homes in Nigeria would be overpriced if it wasnt for China household good...Nigeria wouldnt have thriving Innoson autos if it wasnt for China. abeg, give credit where credit is due...and stop foolishly comparing Nigeria with the US.

So Nigerians are only good for counterfeit stuff? Na wa.

And which lifestyle exactly? With all the fake items being flooded into the country..smh

Trump...the father of modern American nationalism!

Xisnin:
I knew it.
The election is around the corner.
Now the orange clown has something to campaign with even though
he caused the problem in the first place.

you want to be copying people and calling him an orange clown but you are the bigger clown. He caused the problem because China trade deal has been unbalanced.. He retaliated by placing higher tariffs and now China is willing to negotiate. Leave American politics for them and stop doing follow follow

Meanwhile our presidents would be signing deals to mortgage our future to China. Our leaders just aren't smart.

Cool

Hope China will honour the agreement cos they have a history of backing down through the back door

Nice

I wish all these economic success of D. Trump can save him from America's institutional laws to impeach him. I love USA! A country that values their laws above individuals. No one is above the law, not even their POTUS. I wish Nigeria can say the same.

Good

jchioma:
I wish all these economic success of D. Trump can save him from America's institutional laws to impeach him.

Impeachment is dead. Even swing states are against it. The democrats tied an albatross around their necks.

Shey Una dey see president so ?

Trump baba .... Twale

DOA

jchioma:
I wish all these economic success of D. Trump can save him from America's institutional laws to impeach him.