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China, U.S. agree to text of phase one trade deal

China will increase imports from U.S. as part of trade agreement.

By Bloomberg News

China and the U.S. have agreed on the text of a phase one trade deal, which will see the removal of tariffs on Chinese goods in stages, Vice Commerce Minister Wang Shouwen said.

China will increase imports from the U.S. as part of the agreement, Wang said at a briefing in Beijing Friday.

The comments are China’s first response to a deal signed off by U.S. President Donald Trump on Thursday that would halt higher tariffs planned for Dec. 15 and represent the first phase in defusing the trade war that’s shaken the global economy.

First announced by Trump on Oct. 11, the interim deal with China offers a short-term political victory for the president and will allow him to claim that his tariffs have paid dividends, at the risk of being accused of postponing tougher issues like China’s industrial subsidies. For Beijing, reducing even some of the tariffs that have been imposed since last year represents a win for President Xi Jinping, who is also facing pressure to not give in to the other side.

To contact Bloomberg News staff for this story:
James Mayger in Beijing at jmayger@bloomberg.net;
Sharon Chen in Beijing at schen462@bloomberg.net;
Lucille Liu in Beijing at xliu621@bloomberg.net
To contact the editors responsible for this story:
Jeffrey Black at jblack25@bloomberg.net
Brendan Murray
© 2019 Bloomberg L.P.
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