Us China Tariff Agreement

All U.S. tariffs exclusively for Chinese products: $550 billion after a two-day meeting on October 10-11 in Washington DC, U.S. President Donald Trump announced that U.S. and Chinese negotiators had reached a “phase 1” agreement that would take several weeks. Under the Phase 1 agreement, China would buy $40 billion to $50 billion a year from the United States, strengthen intellectual property rules and issue new guidelines for the use of its currency. With less than two weeks to go before the highly anticipated G20 summit in Osaka on June 28-29, Xi and Trump have restarted trade talks over the phone. The two sides confirmed that they would meet in person on the sidelines of the summit to discuss the ongoing trade dispute. Previously, Trump had threatened to tip tariffs on the remaining $300 billion of unsavory Chinese imports, depending on the outcome of trade negotiations. This affects a number of consumer products such as mobile phones, computers and clothing.

These new tariffs were proposed in a bill that is scheduled for public consultation on July 2. While the agreement leaves major economic disputes between the two countries unresolved, Lovely said the 18-month trade war had allowed both sides to send a message. June 15, 2018: First list of products reduced and completed. List 1 now introduces a 25 per cent tariff for 818 discounted products (out of 1,334) and will come into effect on 6 July 2018. List 2 of 284 new products is also announced and reviewed. This is the fifth list of U.S. items released by China; Since September of last year, China has been progressively excluded from some U.S. imports.

At the beginning of February this year, an additional 696 U.S. products (including major agricultural and energy products) were exempted from punitive tariffs, which was considered a step in the implementation of the China-U.S. agreement, signed in January. Discussions focused on goodwill, such as China`s promises to buy U.S. soybeans, pork, ethanol and other agricultural raw materials, and the U.S. promise to ease sanctions against Chinese telecommunications giant Huawei Technologies Co Ltd. The White House issued a statement confirming China`s commitment to increase purchases of U.S. agricultural exports, but gave no details. China also confirmed the debate on the supply of U.S. agricultural products, but did not specify whether an agreement had been reached. “We hope that both sides will respect the agreement and seriously respect it.” “This agreement will work if China wants it to work,” the US president said.

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