US-China declare trade war truce with 'phase one' deal | KnottMatthew
The US and China have declared an official truce in their two-year long trade war, signing a deal that will see the US reduce some tariffs and China purchase hundreds of billions of dollars worth of American goods and services.
While Trump described the deal as a "landmark" accord, critics said its benefits were relatively minor and left many of the most difficult structural issues unresolved.As part of the deal, the Trump administration will cancel new tariffs on approximately $US156 billion in Chinese imports that were set to take effect on December 15.
Trump said he would remove all the remaining tariffs as part of a "phase two" trade deal, which is not expected to be reached before the November presidential election.He said he expected to visit China soon to meet with President Xi Jinping, whom he described as a "very, very good friend of mine". China also agreed to toughen protection of trade secrets and to assess criminal penalties for "willful trade secret misappropriation".
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