China and the United States have agreed to a 'phase one' trade deal that would see US tariffs on Chinese goods removed in stages, in what US President Donald Trump described as 'an amazing deal for all'.
China and the United States have agreed to a "phase one" trade deal that would see US tariffs on Chinese goods removed in stages, Chinese trade officials said in a late night press conference on Friday.
The US office said importantly a strong dispute resolution system between the two nations would be established.A 25 per cent tariff on $US250 billion in Chinese goods would be maintained, while a 15 per cent tariff on another $US120 billion in Chinese goods imposed in September will be reduced to 7.5 per cent.
US President Donald Trump tweeted that the December tariffs "will not be charged because of the fact that we made the deal" and China had agreed to large agricultural purchases.
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