Trump really punked Winnie The Pooh Xi and China. Phase One of the China trade deal will be signed shortly, probably as soon as early January according to remarks by Trump this past weekend.
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A trade deal with China is inching closer as President Trump expresses confidence that an agreement will be signed “very shortly.” While speaking at a Turning Point USA event in Florida on Saturday, the president said a ‘phase one’ trade pact between China and the U.S. will begin very soon.
Under that agreement, the U.S. would reduce tariffs on Chinese purchases of American farm products. According to Treasury Secretary Steve Mnuchin, a deal has been agreed upon for a while and they are just tightening up the language of the agreement. He expects a deal to be signed in early January.
The Trump administration is reducing tariffs on China beginning with a 50% tariff reduction on $112 billion of Chinese goods. Additional tariffs, which were previously scheduled to take effect December 15th, have been called off. In exchange, the agreement reportedly outlines Beijing’s commitment to increase spending on U.S. goods, including agricultural, energy, and manufactured product- by $200 billion over the next two years.