After months of trade tariffs against one another, there’s finally a glimmer of hope.
China and the United States closed a so-called “phase one deal” to ease the tensions. The announcement came after two days of talks in Washington.
CGTN’s Owen Fairclough reports from the White House.
To discuss all of this:
- Yan Liang is an associate professor of economics at Willamette University.
- Jeff Moon is an International trade and US Government Affairs Consultant.
- Saruhan Hatipoglu is a CGTN Global Economics Analyst.
- Zhao Hai is a research fellow with the Chinese Academy of Social Sciences.
The United States is suspending a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday, and China agreed to buy $40 billion to $50 billion in U.S. farm products as the world’s two biggest economies reached a cease-fire in their 15-month trade war.
China's Vice Premiere Liu He speaking to U.S. President Donald Trump at the White House: "We have made substantial progress in many fields and we are happy about that. We will continue to make progress."
— CGTN America (@cgtnamerica) October 11, 2019
BREAKING: U.S. suspends tariff hike on $250B in Chinese imports that was set to take effect Tuesday, and China agrees to buy $40-50B in U.S. farm products, in a sign of progress in the countries’ long-running trade war. https://t.co/VSKtblkOOR
— The Associated Press (@AP) October 11, 2019
First thoughts on US/China #tradedeal
1. It’s more substantive than predicted
2. But it hasn’t been written
3. Agricultural purchases # seem high I presume this will spread over multiple years
4. IP – are current China reforms enough for the US?
5. Financial and currency big.
— nathanking (@nathanking) October 11, 2019