EU cautious about US-China trade deal
(VOVWORLD) - The EU will assess whether a US-China deal to roll back some US tariffs in exchange for increased imports by China is compatible with World Trade Organization rules, said Trade commissioner Phil Hogan at a press conference in London on Thursday.
 Chinese Vice Premier Liu He and US President Donald Trump sign a trade agreement between the US and China in the East Room of the White House in Washington, DC, January 15, 2020 (Photo: Xinhua/ VNA) |
China has agreed to buy hundreds of billions of dollars worth of products from the United States as part of their "phase one" trade deal. The agreement signed Wednesday will have China purchase an additional 200 billion USD of US goods and services over the next two years. In exchange, the US has agreed to reduce tariffs on 120 billion USD worth of Chinese products from 15% to 7.5%. The signing of the “phase one” trade deal marks an important step toward resolving the 2-year-old trade war between the US and China.