Phase One Trade Deal Signed
During a live, televised signing ceremony today, President Trump announced that the 'Phase One Trade Deal' with China has been signed.
The President, alongside Chinese Vice Premier Liu He and other Chinese officials, stated that the deal will help to protect American intellectual property and forced technology transfers. In addition, the agreement states that China will increase purchases of U.S. products by at least $200 billion over two years, including agricultural, manufacturing and energy goods.
This deal is expected to reduce Section 301 tariffs on Chinese products covered by List 4A to 7 1/2% by Mid-February; the Federal Register Notice confirming the date is expected to be published by January 17.
No reduction will take place at this time for Chinese goods covered by Section 301 lists 1, 2 and 3, which will continue to carry an additional 25% tariff.