Trump: the US and China have reached an agreement on the implementation of the first phase of the trade deal

This was also reported by representatives of the Chinese authorities at a press conference in Beijing.

Beijing and Washington managed to agree on a phased abolition of trade duties. This was stated by representatives of the Chinese government at a press conference in Beijing. The President of the United States Donald Trump then confirms this information.

“We have reached an agreement on a very large deal on the first phase of negotiations with China. They agreed to a lot of structural changes and major purchases in agriculture, energy and manufactured goods, and much more,” Trump tweeted.

The President added that the US will cancel some of the duties on Chinese goods that were imposed earlier.

The two countries have made significant progress in trade talks, Beijing said on Friday, agreeing to a text on reaching the “first phase” of the talks.

The deal provides additional protection for foreign companies operating in China and for Chinese companies operating in the United States, Beijing said.

Washington has set out its terms for a trade deal with China, offering to suspend some duties on Chinese goods and cut some duties on several categories of imports in exchange for Beijing buying more American agricultural products. Sources in the US administration told on Thursday.

A source familiar with the bilateral talks said that the US is ready to suspend duties on Chinese imports for $160 billion, which were to be put into effect next Sunday and reduce existing tariffs.

In exchange, Beijing is offered to buy $ 50 billion worth of American agricultural products in 2020 – twice as much as China bought in 2017 before the trade conflict began. Two American sources familiar with the talks told.

Earlier on Thursday, sources said Washington had proposed cutting existing duties on Chinese imports by half and suspending the introduction of new duties to ensure the “first phase” of the trade deal the two sides agreed to in October.

One source told that President Trump and his advisers have agreed to the new proposals, and are now waiting for Beijing’s reaction.