U.S.-China First Phase Trade Agreement
On December 13, 2019, the U.S. and China reached a Phase One trade deal. It requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services and currency and foreign exchange.
Importantly, it includes a commitment by China to make substantial additional purchases of U.S. goods and services, most especially agricultural products. The United States will be maintaining 25 percent tariffs on approximately $250 billion of Chinese imports, along with 7.5 percent tariffs on approximately $120 billion of Chinese imports. Here is the fact sheet put out by the Office of the U.S. Trade Representative (USTR). Here is the actual agreement.
Here is the Federal Register Notice suspending, until further notice, the additional duty of 15 percent on certain products of China, scheduled to take effect December 15, 2019.