United States President Donald Trump announced on Friday that the negotiations on the phase two trade deal with Beijing will begin "immediately," and not after the 2020 US presidential election. He also confirmed the "amazing" phase one deal and provided several details of the agreement.
"We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder. The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!", Trump tweeted.
Earlier today, Chinese Vice Minister of Commerce Wang Shouwen confirmed that Beijing and Washington agreed on the text of the phase one deal.
