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US, China Sign 'Phase One' Trade Deal

Write: 2020-01-16 08:27:11Update: 2020-01-16 11:45:50

US, China Sign 'Phase One' Trade Deal

Photo : YONHAP News

The United States and China signed a partial trade deal on Wednesday, signaling a pause in the year-and-a-half-long trade war.

U.S. President Donald Trump and Chinese Vice Premier Liu He signed the "Phase One" deal at the White House, 18 months after Washington slapped tariffs on China and initiated the tit-for-tat trade war.

The deal reportedly includes a commitment from Beijing to purchase 200 billion dollars of U.S. goods over the next two years in exchange for an agreement from the U.S. to suspend planned tariffs on Chinese products. 

China also promised not to pressure foreign companies to turn over their intellectual property for the right to do business there and to refrain from devaluing its currency. 

Under the deal, the U.S. will reportedly suspend tariffs on 160 billion dollars of Chinese goods and lower tariffs from 15 percent to seven-point-five percent imposed on 120 billion dollars of other Chinese imports. 

Washington, however, will maintain 25 percent tariffs on about 250 billion dollars of Chinese imports.

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