First trade agreement

USA and China sign tariff treaty

by Port News Editorial Staff

The USA and China lay down the hatchet, with a truce in the ongoing trade war. Yesterday an agreement was signed between US President Donald Trump and Chinese Vice Premier Liu He in the East Room of the White House.

The agreement commits Beijing to purchasing an additional $200 billion of American products and services. China also undertakes not to engage in currency devaluations and to communicate regularly and engage in consultation on the currency market. Under the agreement, China will consent to full control by foreign financial companies from 1st April.

According to Trump, the agreement signed today is an important step towards fair trade with China. “Existing tariffs will be removed if Phase 2 of the trade deal with China is closed,” the US President said, stressing that Phase 2 will begin shortly.

Translation by Giles Foster

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