The US president, Donald Trump, finally announced today the closing of the first phase of “a very large trade agreement” with China and, as a consequence, the suspension of the new round of tariffs on Chinese imports that the US planned to impose this weekend.
“We have agreed on the first phase of a very large trade agreement with China. They have accepted many structural changes and huge purchases of manufactured goods, agricultural and energy products, ”Trump said in his Twitter account.
He also added that "the tariffs planned for December 15 will not be applied due to the fact of having reached the agreement."RELATED
"We will begin negotiations on phase two of the agreement immediately, better than waiting until the 2020 elections. This is an amazing agreement for everyone," he said.
The pact implies, however, that 25% tariffs are maintained on Chinese imports valued at 250,000 million dollars, along with reduced levies of 7.5% on additional imports valued at approximately 120,000 million dollars, said Robert Lighthizer, representative US Foreign Trade, in a statement.
Lighthizer, who led the negotiations with Treasury Secretary Steven Mnuchin, stressed that the agreement achieves significant and completely verifiable structural changes, and rebalances trade relations between the US and China. ”
The negotiations between both parties had suffered several shocks, with contradictory information and veiled criticism, since a tentative agreement was announced in October, which is a victory for Trump, who has made protectionism and trade war with China one of his Top priorities
The commercial dispute between Washington and Beijing continues for more than 18 months.