Beef Magazine is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

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

iStockphoto/Getty Images china-us-paper-flags-SIZED-971195458.jpg
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 [email protected];
Sharon Chen in Beijing at [email protected];
Lucille Liu in Beijing at [email protected]
To contact the editors responsible for this story:
Jeffrey Black at [email protected]
Brendan Murray
© 2019 Bloomberg L.P.
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.