President Trump and Chinese Vice Premier Liu He signed an initial “Phase One” trade deal Wednesday, freezing an almost 20-month trade war between Washington and Beijing and giving Trump a political boost as he seeks reelection.
In the agreement, China committed to boosting purchases of U.S. goods and services by $200 billion over the next two years, including $77.7 billion for manufactured goods and $32 billion for agricultural products.
“Today we take a momentous step, one that has never been taken before with China, toward a future of fair and reciprocal trade as we sign Phase One of the historic trade deal between the United States and China,” Trump said at the signing ceremony. Continue reading.
NOTE: Trump’s tariffs on Chinese goods, which Americans pay on imported goods like electronics and clothing, stay in effect.