Trump, China announce ‘Phase One’ trade deal

NOTE:  This agreement means NEW tariffs won’t go into effect.  The previous rounds of tariffs remain in effect.

President Trump and China on Friday announced that they had reached a “phase one” trade deal that would see a reduction in tariffs from both sides and increase China’s purchases of U.S. agricultural products.

“We have agreed to a very large Phase One Deal with China,” Trump announced on Twitter, adding that negotiations on “Phase 2” of the deal would begin immediately, rather than after the 2020 election.