What is US China Trade Deal Phase 1 ?
On October 11 2019 President Donald J Trump had announced that China and the United States had finally reached a tentative agreement for the “first phase” – phase 1 of a trade deal capping a bitter 18-month battle between the world’s two largest economies that had roiled the financial markets and greatly slowed economic growth worldwide. Under this new US China Trade deal Phase 1 China had agreed to buy up to $50 billion in American farm products and also accept more American financial services in their domestic market. And subsequent to that happening the United States agreed to suspend new Tariffs which were scheduled to come into force by October 15, 2019.
On January 15 2020: U.S. President Donald Trump and China’s Vice Premier Liu He signed the US China trade deal phase 1.
Impact of this US China Trade Deal Phase 1
=> US, China reset trade relationship with Phase 1 agreement
=> President Donald J. Trump Described China Trade Deal Phase 1 as ‘Righting the Wrongs of the Past’ and also called trade pact a ‘momentous step’.
=> Positively impact the slumbering financial markets by providing a positive outlook to the ending of this Trade War in the near future.
=> Phase one of the trade deal will see some of the US tariffs on Chinese goods getting reduced or repealed
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