US still engaging on Phase One China trade deal

(VOVWORLD) - The US is still engaging in the first phase of its massive trade deal with China, White House Economic Adviser Larry Kudlow said on Monday.

The statement came amid a plummeting global trade due to the COVID-19 pandemic as well as the US and China imposing sanctions against each other. The agreement signed in January will have Beijing purchase an additional 200 billion of US goods and services over the next two years. In exchange, Washington agreed to cut tariffs on 120 billion USD of Chinese goods by half, to 7.5%, within about 30 days, and to forgo other planned tariffs.

Related News