U.S. suspends new tariffs after reaching phase one deal with China

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Washington and Beijing announced the tariff rollback weeks after both sides in October said they had reached an agreement on the "phase one" trade deal.

Chinese officials offered no specific details on the amount of United States agricultural goods Beijing had agreed to buy, a key sticking point in recent deal negotiations to end the 17-month trade war between the world's two largest economies.

In an article published Thursday, Bloomberg News and The Washington Post cited people familiar on the latest developments in ongoing talks between the USA and China as saying that Washington's negotiators have settled on the conditions of a phase-one trade deal with their Beijing counterparts. Trump said the agreement covered energy and manufactured goods, among others; Chinese Commerce Vice-Minister Wang Shouwen mentioned issues like agriculture, tech transfer and IP protection.

Calling the phase one pact "an incredible deal for all", Trump said phase two negotiations will begin "immediately" rather than wait until after the 2020 election.

The paper reported that plans for an official announcement had not been nailed down, adding that the administration does not intend to seek congressional approval.

The Chinese side believes that China and the United States, the world's two largest economies, must deal with bilateral economic and trade relations with the big picture in mind.

Brilliant said the administration has agreed to suspend Trump's plans to impose tariffs on Dollars 160 billion in Chinese imports Sunday and to reduce existing tariffs, though it wasn't clear by how much.

On Friday, a source confirmed to FOX Business that the USA and China had completed a phase one deal, and the tariffs that were set to take effect on December 15 would not be imposed.

A separate official said that China will import more American wheat and corn after the deal is signed.

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

"They want it and so do we!" the US President wrote on Twitter. He said the 25% tariffs would remain and previous 15% tariffs would be halved to 7.5%.

On Thursday morning, Trump tweeted that the United States has moved close to a trade deal with Beijing after several false starts and near misses.

"President Trump has focused on concluding a Phase One agreement that achieves meaningful, fully-enforceable structural changes and begins rebalancing the U.S".

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

A Beijing-based USA business community official also told Reuters he viewed what was being described more as a "final offer" that has been approved by Trump but not yet affirmed by Beijing. Sens. Chuck Schumer of New York, Ron Wyden of OR and Sherrod Brown of OH called on the president to hold out for "commitments from the Chinese government to enact substantive, enforceable and permanent structural reform".

The proposed interim deal includes a delay in the December 15 tariffs, a schedule for a reduction on some of the existing tariffs, and a pledge by Beijing to buy more US farm products, Bloomberg reported.

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