President Donald Trump announced that the U.S. had reached a “Phase One” trade deal with China that included “massive” purchases of U.S. products and a reduction in some U.S. tariffs on Chinese imports.
…..The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!
— Donald J. Trump (@realDonaldTrump) December 13, 2019
The president, however, did not specify a dollar amount for the Chinese purchases of U.S. products. At a press conference in Beijing, Chinese officials were vague about what the agreement entailed and declined to specify what they would purchase.
President Trump’s tweet appeared to indicate that the U.S. would cut in half the 15 percent tariff on around $112 billion of Chinese goods that was implemented in September.
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