Mubasher: The US and China have agreed on an initial trade deal that will reduce tariffs between the two countries, The New York Times reported on Friday.
President Trump tweeted that the Chinese have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.
The agreement will also see the US reducing its overall tariff rate on Chinese goods to 7.5% from 25%, Trump revealed, adding that a round of tariffs scheduled for Sunday would be cancelled.
The US will remove some tariffs on $360 billion worth of Chinese goods, China’s vice commerce minister Wang Shouwen said.
“This will create better conditions for China and the United States to strengthen cooperation,” Wang noted.
China agreed to buy $50 billion worth of American farm products in 2020, some advisers to the White House stated.