Trump Announces Major Deal in Works with China

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US President Donald Trump said that China wants to conclude a major and comprehensive deal with the United States, and the signing of the agreement may occur quite soon, Trump wrote today on Twitter. 

Today, it was announced that China will freeze the introduction of additional customs tariffs on imports of cars and components from the United States for 90 days, according to a statement by the relevant committee at the State Council of China.

“From January 1 to March 31, 2019, the increase in duties for goods 116 and 67 will be suspended by 25 and 5%, respectively,” the TASS news agency reported on Friday, December 14.

A few hours earlier,  Bloomberg reported a similar decision in Washington. According to the agency, this decision will be formalized in the form of a corresponding document, which will soon be published in the US Federal Register. The increase in duties on Chinese goods will also be postponed until March 1.

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The trade war between the PRC and the United States has developed onward from July 6: at that time, reciprocal increased customs tariffs between countries of 25% came into force. At the end of September, American duties in the amount of 10% for goods from China with a volume of imports of $ 200 billion per year began to come into effect. Beijing responded by introducing tariffs in the amount of 5 to 10% for imports from the United States in the amount of $ 60 billion.

On December 2nd, it became known that the United States would raise duties on Chinese goods from 10 to 25% if Washington and Beijing did not reach an agreement within 90 days. Prior to this, it was planned that the changes would take effect on January 1.

On December 11th, Vice Premier of the State Council of China Liu He and US Treasury Secretary Stephen Mnuchin discussed the timing and roadmap for trade consultations by phone. As noted in the Ministry of Commerce of China, negotiations with Washington on the elimination of mutual problems are progressing successfully.

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