Tariffs on hold in early US-China trade deal

15 Décembre, 2019, 13:23 | Auteur: Auguste Feret
  • US President Donald Trump pumps his fist during a

Reuters reported the United States has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs as part of a "phase one" deal.

China's Foreign Ministry did not confirm a deal was nearly ready.

While the president expressed confidence China would meet the goal "pretty soon", doing so would require a huge jump in China's imports, potentially stretching its capacity to absorb the products. "The China deal covers tremendous manufacturing, farming, a lot of rules, regulations - a lot of things it covers", Mr. Trump said at the White House.

"The news this morning with President Trump and Chinese officials confirming a Phase 1 trade deal was a seminal moment that will stop the Fort Sumter like trade scuffle from spiraling down a negative path for the tech space", he wrote.

"If we get a China trade deal, it's probably going to catalyze another 12-plus months of growth in the USA and globally", Phillips said. "How would they do it?"

"Well, I know the numbers that have been discussed really is in the $40 to 50 billion range", said Perdue. It also helps him to defend a partial deal that leaves out numerous objectives he set when he initially launched the trade dispute.

Critics of the trade deal were saying on Saturday that it would bring only temporary relief in the over 18-month-old trade war between the United States and China.

The comments were China's first response to a deal signed off by Trump on Thursday that would halt higher tariffs planned for December 15 and represent the first phase in defusing the trade war that's shaken the global economy. The most China ever purchased from USA producers was $29 billion in 2013. In return, China would agree to buy $50 billion of US agricultural goods next year, double what it bought in 2017 before the trade war started.

First announced by Trump on October 11, the interim deal with China offers a short-term political victory for the president and will allow him to claim that his tariffs have paid dividends, at the risk of being accused of postponing tougher issues like China's industrial subsidies.

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Lighthizer suggested that the higher figure is aspirational.

According to a fact sheet published by the office of the USTR, in the Phase One agreement, the chapter on trade expansion mentions commitments from China to import various U.S. goods and services over the next two years, the total amount for which will exceed China's annual levels of imports for those goods and services in 2017 by not less than $200 billion. Beijing agreed to specific benchmarks for individual commodities but those will be classified, he added.

The Business Roundtable, a group of chief executives of the largest U.S. companies, said "this de-escalation in trade tensions is a positive step toward resolving important trade and investment issues between our two nations".

The increased rate of purchases could provide relief to farmers who have suffered billions in Chinese sales. China is studying whether it can reach $50 billion in purchases without having to pay above-market prices. "They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.", Trump said on Friday.

Soybeans made up half of China's agricultural purchases in 2017. A large part of the imports have been used in the past to feed China's pig herds. Demand has since cratered because the pig herds that eat it have been reduced by African swine fever, however.

The president says he did nothing wrong in his policy vis-a-vis Ukraine, which prompted the impeachment inquiry, and that he's making the nation stronger through trade breakthroughs with North American partners and China.

The British pound strengthened to $1.3468 from $1.3385 late Thursday as projections showed the conservatives likely to win a solid majority of seats in Parliament. The saving grace for the USA economy has been a strong jobs market and consumer spending. China was a top-five buyer of USA corn from 2011 to 2014 but has not been a major buyer since.

Ning said the expansion of agricultural trade must be based on market principles and World Trade Organization rules.

-- With assistance from Sharon Chen, James Mayger, Josh Wingrove and Katia Dmitrieva.

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