President Trump is tweeting about the trade deal with China this morning.
Both sides say the package includes increased purchases of American farm goods by China in exchange for some easing of US tariffs. It also includes some provisions on intellectual property and currency, but no text of the deal has been released, according to CNN.
The phase one trade deal, which was agreed to on Dec. 12, calls for Beijing to purchase $200 billion worth of U.S. products over the next two years, in addition to protecting against intellectual property theft and technology transfer, according to Fox Business. In return, the U.S. has agreed to reduce its tariffs on Chinese goods, but will still levy duties against $380 billion in goods.
The trade deal leaves Beijing’s business subsidies untouched, the Washington Post reports.
The South China Morning Post reported Chinese Vice Premier Liu He was expected to sign a phase-one trade deal with the U.S. this Saturday.
Meanwhile, former deputy assistant Secretary of State Joel Rubin likens the deal to a pause, according to CNBC.
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