Both China and the U.S. officials confirmed on Friday that they’ve reached a “Phase One” agreement.
Emerging details show the agreement includes some tariff relief, increased agricultural purchases, as well as structural changes to intellectual property and technology issues. However, a CNBC report says some details of the partial accord between the world’s two largest economies remain cloudy.
As Chinese officials briefed reporters of some details on Friday morning, President Trump also announced some of the terms of what he called an “amazing deal.”
The U.S. does plan to eliminate tariffs on multiple Chinese goods in stages, which was a priority for Chinese negotiators. Details on when that would take place weren’t announced. Trump announced that the U.S. would cancel its next round of tariffs on Chinese goods that were scheduled to go into effect over the weekend.
Via Twitter, Trump announced the White House will leave 25 percent tariffs on $250 billion in imports in place, while also cutting existing duties on another $120 billion in goods.
Beijing will increase its agricultural purchases from the U.S. by a significant amount, though Chinese officials didn’t say by how much. Politico says some of the details include China giving up its restrictions on growth hormones for beef and easing an approval process for genetically modified crops.