U.S., China set to sign vital trade truce

WASHINGTON, USA – The world's two dominant economic powers, the United States and China, are poised to sign a trade truce Wednesday, January 15 that will allow businesses around the globe to breathe a sigh of relief.

"He's delivering on all his promises, and he is building a great economy for American companies and American workers," Treasury Secretary Steven Mnuchin said late Tuesday on the eve of the signing. And even the achievements in the deal take the relationship back to where it was before Trump took office, restoring elements he scrapped."The US-China phase-one deal is essentially a trade truce, with large state-directed purchases attached," economist Mary Lovely said in an analysis."The truce is good news for the US and the world economy."

After announcing the deal December 13, the US canceled a damaging round of new tariffs that were due to kick in December 15, and promised to slash in half the 15 percent tariffs on $120 billion imposed September 1, on consumer goods like clothing. Trump has repeatedly touted the trade pact as a boon for American farmers, saying China will buy $40 to $50 billion in agricultural goods.

Long wait finally paying off

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