Is China Trade Deal Done? Trump Comments on Twitter

13 Décembre, 2019, 21:55 | Auteur: Auguste Feret
  • US President Donald Trump reacts during a Hanukkah reception in the East Room of the White House in Washington DC on Dec 11 2019

Chinese officials said Friday that the a Phase One agreement has been reached with the USA on trade that includes a phased rollback of tariffs.

Hu Xijin, the editor in chief of the Global Times, wrote on Twitter: "Chinese authorities and official media so far haven't given any information on China and the U.S. are close to a deal".

China and the United States have agreed on the textof a phaseone economic and trade agreement based on the principle of equality and mutual respect, official Chinese media reported on Friday. In exchange, he said, the US would reduce the tariff rates on many Chinese imports, which now range from 15% to 25%.

China will increase imports from the USA and other countries, Wang said at a briefing in Beijing Friday.

Mr. Trump, in his tweet, also mentioned energy and manufactured goods, "plus much more", without offering further details.

US President Donald Trump and Chinese President Xi Jinping have been embroiled in a 17-month trade war that has slowed global growth and dampened profits and investment for companies around the world. "China trade relationship", U.S. Trade Representative Robert Lighthizer said in a statement.

Trump's overall goal with China, a keystone of his presidency, is to uproot what Washington says are Beijing's predatory trade practices, including forced technology transfers and massive intellectual property theft.

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At the same time, Trump said the 25 percent USA tariffs on Chinese goods will stay in place, while an additional 7.5 percent in planned tariffs won't go ahead as planned.

Yet, stock market investors still seem a bit skeptical of news that the United States and China have reached a trade deal due to the lack of specifics offered to reporters. "They want it, and so do we!" he tweeted.

Though the response in the offshore Yuan was similar to that in the Dow Jones Index as the China trade press conference progressed owing to the ambiguity surrounding specifics of the phase one deal and because current tariffs in place will stay in effect.

"The deal requires China to make significant purchases of US agricultural and manufacturing goods while making long-overdue structural reforms to protect American entrepreneurs' intellectual property and technology", Ortiz said.

UPDATE 10:30 a.m. ET - China has now announced it has agreed to an initial deal with the U.S.

It remains to be seen whether the two country will finally reach an agreement and whether Washington applies a new increase to products from China on December 15 or not.

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