US and China ink historic trade agreement
Eighteen months after igniting a trade war with China, U.S. President Donald Trump - alongside Chinese Vice Premier Liu He - signed Phase 1 of a trade deal Wednesday that, at least for now, defuses the conflict between the world's two largest economies.
Eighteen months after igniting a trade war with China, U.S. President Donald Trump - alongside Chinese Vice Premier Liu He - signed Phase 1 of a trade deal Wednesday that, at least for now, defuses the conflict between the world's two largest economies.
In a rambling, partisan speech, Trump thanked a long list of attending business leaders and Republican lawmakers - including former secretary of state Henry Kissinger and Fox Business host Lou Dobbs - and touted the deal as a "sea change" in international trade.
The centerpiece of Phase 1: a pledge by China to buy an additional $200 billion worth of U.S. agricultural products and other goods and services over two years.
The U.S. in turn agreed to roll back tariffs some on Chinese goods, but will leave in place 25% tariffs on a wide array of Chinese industrial goods - $250 billion worth - used by U.S. manufacturers.
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