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  • jyl posted an update 2 months, 1 week ago

    Chinese Press Conference via Briefing.com: “China’s understanding is that that tariff rates will be cut between 35-60%; China has no “hard target” for agricultural purchases”

    • also via Briefing.com “China press conference on trade: China says US has agreed to phase out tariffs (Note: President Trump said earlier this morning that this is not the case)
      – China cites major progress and says phase one trade deal was reached.
      – China says US has agreed to phase out tariffs. [but see above]
      – China will increase imports from all countries including the US.
      – Agreement will create better trade conditions between US and China.
      – China says both US and China agreed to implement follow up procedures.”

      • And also via Briefing.com:
        “USTR confirms that US and China agree to phase one trade deal; $250 bln tariff tranche remains in place at 25%; $120 bln tariff tranche will be cut to 7.5% rate from 15%; President Trump says December 15 tariffs will not be charged; China will make substantial additional purchases of U.S. goods and services in the coming years
        – “US and China have reached an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement. The United States has agreed to modify its Section 301 tariff actions in a significant way.”
        – “The United States first imposed tariffs on imports from China based on the findings of the Section 301 investigation on China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation. The United States will be maintaining 25 percent tariffs on approximately $250 billion of Chinese imports, along with 7.5 percent tariffs on approximately $120 billion of Chinese imports.”