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Money China announces limited trade agreement with U.S.

17:45  13 december  2019
17:45  13 december  2019 Source:   nytimes.com

Trump's signing of a Hong Kong human rights bill reportedly slashed efforts towards a China trade deal

  Trump's signing of a Hong Kong human rights bill reportedly slashed efforts towards a China trade deal A source close to Trump's negotiating team told Axios that the US and China may not sign a "phase-one" trade deal until the "year-end at the earliest."A source close to Trump's negotiating team told Axios that the US and China may not sign a "phase-one" trade deal until the "year-end at the earliest." The source attributed the delay to legislation that Trump signed last week called the Hong Kong Human Rights and Democracy Act, which protects certain human rights in Hong Kong.

BEIJING — China announced on Friday that it had agreed on the text of an initial trade deal with the United States, marking a significant de-escalation in the 19-month tariff war that has rattled the world economy.

President Trump has announced the U . S . and China have reached what he describes as "phase one" of a trade agreement . You know, and then there are other big issues that have just been a problem for a long time. China - the U . S . wants China to open up its markets, stop subsidizing state-owned

a hand holding a piece of cake on a table: Soybean farmer in Louisiana.© Aleksandra Michalska/Reuters Soybean farmer in Louisiana.

BEIJING — China announced on Friday that it had agreed on an initial trade deal with the United States, marking a significant de-escalation in the 19-month tariff war that has rattled the world economy.

Wang Shouwen, China’s vice commerce minister, said at a news conference in Beijing that the two sides had made “significant progress” and that the agreement would result in the United States removing some of the tariffs it has placed on $360 billion worth of Chinese goods. Those tariffs would come off in phases, he said, and would include additional exemptions for some Chinese exports.

China maintains tariffs must be reduced for phase one trade deal with U.S.

  China maintains tariffs must be reduced for phase one trade deal with U.S. China maintains tariffs must be reduced for phase one trade deal with U.S."The Chinese side believes that if the two sides reach a phase one deal, tariffs should be lowered accordingly," ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication.

The US and China have reached a 10-point trade deal that opens the Chinese market to US credit rating agencies and credit card companies. The agreement is seen as an indication that US President Donald Trump is adopting a less confrontational approach with Beijing than he promised

As part of the agreement , the president is expected to announce that he will delay or cancel tariffs Michael Pillsbury, a China scholar at the Hudson Institute who advises the White House on trade Businesses across the globe have been hoping for a resolution that would help limit the damage from

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“This will create better conditions for China and the United States to strengthen cooperation,” Mr. Wang said.

The agreement includes a commitment by China to buy more agriculture products and to strengthen laws protecting foreign companies operating there, as well as sections covering intellectual property and currency. Mr. Wang said both sides have agreed to complete legal reviews as quickly as possible and will work out arrangements for an official signing.

The White House has not formally announced an agreement but people familiar with the matter said the two sides had agreed on a deal that would require China to boost purchases of farm products, give American firms more freedom to operate in China and protect American intellectual property.

U.S., Mexico, Canada Sign Changes to Free-Trade Agreement

  U.S., Mexico, Canada Sign Changes to Free-Trade Agreement The U.S., Mexico and Canada on Tuesday signed amendments to a free-trade agreement they first reached more than a year ago, paving the way for the three countries’ legislatures to ratify the deal. The move came after House Democrats embraced the overhaul of the North American Free Trade Agreement, with Speaker Nancy Pelosi saying the revised deal is better for American workers.The AFL-CIO, the largest labor federation in the U.S., endorsed the U.S.-Mexico-Canada Agreement, known as the USMCA.

US President Donald Trump announced Friday that the United States and China have reached a "very substantial phase one deal." Friday' s limited trade agreement and the lack of increased tariffs should only have a "marginal impact" on on export growth, wrote Martin Lynge Rasmussen, China

The United States and Japan signed a limited trade deal on Wednesday that will open Japanese markets to American farm goods and secure a win for an administration that has struggled to complete trade pacts with China , Canada, Mexico and other countries.

In return, President Trump is expected to rollback some of the tariffs being collected on $360 billion of Chinese goods and delay or cancel another round of tariffs planned for Sunday. Some advisers to the White House said the Chinese had agreed to buy $50 billion worth of American farm products next year.

The deal came as a relief of investors, who have been haunted by the steady drumbeat of tariffs that have depressed business sentiment and stirred economic uncertainty. The S&P 500 was up slightly in early-morning trading.

A deal will also give Mr. Trump another trade win that he can tout heading into his re-election campaign and as Congress forges ahead with his impeachment. The agreement came on the same week that the administration agreed with House Democrats to revise the terms of a trade pact with Canada and Mexico.

This is a developing story. It will be updated.

Pompeo backs Canada on 'coercive detentions' of Canadians in China .
OTTAWA — U.S. Secretary of State Mike Pompeo says his country is sticking with Canada in fighting what he calls China's "coercive detentions of Canadian citizens." Pompeo and Foreign Affairs Minister Francois-Philippe Champagne spoke Monday about a range of global concerns, including China, the ongoing crisis in Venezuela, and the United States' upcoming presidency of the G7 group of countries with large economies. Champagne said it was "a veryPompeo and Foreign Affairs Minister Francois-Philippe Champagne spoke Monday about a range of global concerns, including China, the ongoing crisis in Venezuela, and the United States' upcoming presidency of the G7 group of countries with large economies.

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