U.S., China reach phase one trade deal
Video Channel: ARIRANG NEWS
미•중 1단계 무역합의... '15일 관세' 철회
We start with a breakthrough in the U.S.-China trade war,... with the world's two largest economies agreeing to a partial trade deal.
It will see Beijing buying more American goods,... while Washington will scale back some of its tariffs on Chinese imports.
Our Kim Min-ji starts us off.
The U.S. and China have reached an agreement on a phase 1 trade deal,... providing a detente on the 17-month trade war.
The agreement, confirmed by both sides on Friday,... calls for Beijing to step up purchases of American products,... while Washington would scrap new tariffs of 15 percent on some 160 billion U.S. dollars worth of Chinese goods.
It will also halve the tariffs on 120 billion dollars worth of Chinese imports to 7-and-a-half percent,... while the U.S. will maintain 25 percent tariffs on another 250 billion dollars of products.
"The tariffs will largely remain at 25 percent on 250 billion U.S. dollars, and we'll use them for future negotiations on the Phase 2 deal, because China would like to see the tariffs off, and we're okay with that, but they'll be used as a negotiating table for the Phase 2 deal."
U.S. Trade Representative Robert Lighthizer later told reporters that,... China has agreed to buy 32 billion dollars of additional U.S. agricultural products over two years as part of the deal.
That's on top of the 24 billion dollars worth that Beijing bought in 2017 -- totaling to about 40 billion -- a figure that the U.S. had been pressuring China to purchase.
Although Beijing did not specify its commitments,... it said that the country will buy more American agricultural products,... without providing further details.
China said its core concern was the U.S. removing tariffs on Chinese goods,... adding that the two sides had agreed on the text of a nine-chapter agreement,... that includes intellectual property, technology transfers, agricultural products and dispute settlement.
"Both sides have reached a consensus that the U.S. will fulfill its commitments to phase out additional tariffs on Chinese products, so as achieve a switch from hiking to the cutting of additional tariffs."
The two sides will now carry out legal procedures and discuss arrangements for signing the agreement.
Kim Min-ji, Arirang News.
#US #China #trade_war
Arirang News Facebook: http://www.facebook.com/arirangtvnews