WASHINGTON: After nearly two years of conflict between the world’s top two economic powers, the United States and China signed a trade truce on Wednesday, letting businesses around the globe breathe a sigh of relief.
“Today, we take a momentous step, one that has never been taken before with China,” that will ensure “fair and reciprocal trade”, Trump said at the White House signing ceremony.But as Trump ambled through a lengthy commentary on the deal, major networks switched away from the White House to Congress where articles of impeachment were to be presented to the Senate as the first step towards a trial.
The US president thanked Chinese leader Xi Jinping and said he would visit China in “the not-too-distant future”.But he said he will only remove the remaining tariffs “if we’re able to do phase two”.In a letter to Trump read by Liu, the Chinese president said the deal is “good for China, for the US and for the whole world”.
After announcing the deal on Dec 13, the United States cancelled a damaging round of new tariffs that were due to kick in two days later and also promised to slash in half the 15% tariffs on US$120 billion imposed Sept 1 on consumer goods like clothing. But Beijing agreed to import an additional US$200 billion in US products over two years, above the levels purchased in 2017, before Trump launched his offensive, including an additional US$32 billion in agricultural goods.
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