President Trump on Friday (Oct. 12) announced what he calls “phase one” of a larger trade deal with China.
NPR reported that as part of the deal, a tariff increase planned for next Tuesday will not be imposed. The U.S. was scheduled to raise tariffs on about $250 billion worth of goods on October 15 from 25% to 30%.
The specifics of the deal are still being hammered out, and they haven’t been signed yet. President Trump said he hopes that will happen in the next month or so. The leaders of the U.S. and China are expected to meet in November.
“We’ll do a formal signing with President Xi and myself,” Trump said of the meeting in Chile, which is hosting the Asia Pacific Economic Cooperation meetings in November.
Leading up to the latest talks, the president had said he wanted to strike a comprehensive agreement which would include more Chinese enforcement of intellectual property rights, an end to the forced transfer of U.S. technology, greater access to Chinese markets and limits on subsidies of China’s state owned businesses.
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