President of the United States Donald trump and Chinese officials on Friday, December 13, announced the achievement during bilateral negotiations of the agreement at the beginning of the implementation of trade transactions between the two countries.
"We have agreed about the very large first phase of the agreement with China," wrote trump on Twitter.
the Agreement covers areas such as intellectual property, technology, agriculture, financial services, currency and foreign exchange, said at the White house, reports Reuters.
the United States will maintain the 25-percent duty on Chinese goods for a total amount of 250 billion dollars, while tariffs on other imported items will be reduced to 7.5%. Also, according to trump, Washington agreed to suspend the increased duties on Chinese goods for a total amount of 160 billion dollars, which should come into force Sunday, December 15.
Representatives of China "agreed on a structural change and large-scale purchases of agricultural products, energy and industrial goods, and much more," added the American President. The parties have not revealed the details regarding the amount of agricultural goods that China has agreed to buy in the United States under the trade deal. Washington earlier insisted that Beijing had committed itself to purchase American agricultural products to $ 50 billion in 2020.
Chinese officials have confirmed approval of the first phase of the transaction. Within its framework, China will import more American wheat and corn, said Deputy Minister of agriculture of the country. The agreement provides better protection for foreign companies in China and Chinese companies in the United States, reported in the Chinese government.
Trade dispute between the US and China continues in 2018. Two States - the largest economy in the world - repeatedly imposed on each other punitive duties on tens of billions of dollars. The President of the United States Donald trump accuses China of violating the rules of fair competition, from which, in his opinion, bear the losses to the American enterprises and theft of intellectual property.
