The president of the United States, Donald Trump, approved on Thursday the first phase of the trade agreement with China, which could stop the implementation of a new series of tariff rates planned for December 15, according to Bloomberg.
The American negotiators and the Asian nation agreed to the terms of a trade agreement principle, which for its realization only needed the approval of Trump, granted on that day.RELATED
The document proposed by US officials estimated China's promise to buy more US agricultural products, and there were possible reductions in tariffs currently imposed on Chinese products.
Meanwhile, the US side offers the reduction of up to 50 percent of tariffs on products of Chinese origin, about 375 billion dollars, as well as suspending tariff tariffs of 160 billion dollars.
For subsequent discussions, issues of interest to the US administration have been proposed, such as the large subsidies and low-cost loans granted by the Chinese government.
Although the document is still being formulated, an initial agreement has been reached that could open the way for future favorable negotiations between both economic powers.
During a trade war between the two nations, which has already taken 20 months, the United States imposed tariffs of 25 percent on Chinese products valued at 250 billion dollars annually, and then 15 percent on goods estimated at another 110 billion.
"We will immediately begin negotiations on the Phase Two Agreement, instead of waiting until after the 2020 elections," the White House tenant announced in a series of messages posted Friday on his Twitter profile.
At the same time, he added that the Chinese side has committed to making certain “structural changes”, as well as “mass purchases” of its agricultural products, energy and manufactured products.
Washington's announcement coincides with the press conference of Chinese Vice Minister of Commerce, Wang Shouwen, held in Beijing. The official also acknowledged that the first phase of the trade agreement has made great progress and noted that its closure is a matter of interest both for his country, as well as for the United States and the world in general.
On China's readiness to begin work on the second phase of the agreement, the deputy minister said that the negotiations around it will depend on the fulfillment of the obligations agreed in phase number one.