Washington and Beijing sign “historic” trade agreement

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China The purchase of additional US goods worth $ 200 billion over the next two years, according to the agreement, which also includes items related to the protection of intellectual property in response to another American demand.

In return, the United States agreed to cut customs fees Imposed on $ 120 billion of goods, at a rate between 50 and 7.5 percent, in addition to the retreat of other fees that were planned.

For his part, the Chinese President stressed, Xi JinpingThe trade agreement between China and the United States is positive "For the whole world", In a letter to his US counterpart, Donald Trump, was read out by a senior Chinese official at the signing ceremony of the first phase of the agreement at the White House.

"Remaining fees"

On Tuesday, the United States announced that it will maintain customs duties imposed on Chinese imports because the partial trade agreement, which Washington intends to sign with Beijing, on Wednesday, does not provide for the abolition of these duties.

The US Treasury and the Office of the US Trade Representative said in a joint statement: "There is no agreement to cut tariffs in the future. Any rumors that say otherwise are completely false".

The joint statement came after a report by Bloomberg Agency in which it said that the customs duties imposed on billions of dollars in Chinese imports will remain in effect until after the US presidential elections in November, after which they can be removed.

Beijing is demanding that Washington abolish all or part of the punitive customs duties imposed on its exports to the United States.

The statement came on the eve of the two countries signing a partial trade agreement that would establish a truce in their two-year trade war, during which the two largest economic powers in the world exchanged customs duties, tightening hundreds of billions of dollars in annual trade exchanges.

President Trump sparked a trade war with Beijing in 2018, especially with a view to rebalancing bilateral trade, resulting in a response from China and concern in global markets.

Under the partial agreement, the Trump administration will continue to impose punitive customs duties of 25 percent on industrial products worth $ 250 billion in annual Chinese imports, while reducing to 7.5 percent, or half, the 15 percent fee, which was imposed on other Chinese imports of $ 120 billion annually .

The US President also agreed to abolish an additional 15 percent tariff, which had been imposed from mid-December on $ 160 billion worth of Chinese goods.

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She pledged China The purchase of additional US goods worth $ 200 billion over the next two years, according to the agreement, which also includes items related to the protection of intellectual property in response to another American demand.

In return, the United States agreed to cut customs fees Imposed on $ 120 billion of goods, at a rate between 50 and 7.5 percent, in addition to the retreat of other fees that were planned.

For his part, the Chinese President stressed, Xi JinpingIn a letter to his US counterpart, Donald Trump, a senior Chinese official read it during the signing ceremony of the first phase of the agreement at the White House, that the trade agreement between China and the United States is positive for the whole world.

Remaining Fees

On Tuesday, the United States announced that it will maintain customs duties imposed on Chinese imports because the partial trade agreement, which Washington intends to sign with Beijing, on Wednesday, does not provide for the abolition of these duties.

“There is no agreement to reduce tariffs in the future. Any rumors that say otherwise are completely false,” said the US Treasury and the Office of the US Trade Representative in a joint statement.

The joint statement came after a report by Bloomberg Agency in which it said that the customs duties imposed on billions of dollars in Chinese imports will remain in effect until after the US presidential elections in November, after which they can be removed.

Beijing is demanding that Washington abolish all or part of the punitive customs duties imposed on its exports to the United States.

The statement came on the eve of the two countries signing a partial trade agreement that would establish a truce in their two-year trade war, during which the two largest economic powers in the world exchanged customs duties, tightening hundreds of billions of dollars in annual trade exchanges.

President Trump sparked a trade war with Beijing in 2018, especially with a view to rebalancing bilateral trade, resulting in a response from China and concern in global markets.

Under the partial agreement, the Trump administration will continue to impose punitive customs duties of 25 percent on industrial products worth $ 250 billion in annual Chinese imports, while reducing to 7.5 percent, half the 15 percent fee, which was imposed on other Chinese imports of $ 120 billion annually .

The US President also agreed to abolish an additional 15 percent tariff, which had been imposed from mid-December on $ 160 billion worth of Chinese goods.





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