America, China sign "phase 1" trade agreement after months of negotiations

by Daniel Payne · Jan 15th, 2020 3:18 pm
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President Trump signed a trade deal with representatives from China on Wednesday, a cautious indication that the two countries may officially be moving away from the trade war that has loomed over the American economy for more than a year.

Among other provisions, the deal stipulates that China must submit an "action plan" within one month of the signing that lays out how the country will protect "intellectual property." The deal also requires China to purchase an additional $200 billion worth of American goods and services over the next two years, as well as mandates that Chinese consumers will have greater access to financial service firms.

Trump said at the signing ceremony that the United States has left numerous tariffs in place that penalize Chinese imports, but that those duties could be removed in "phase two" of the negotiations.

🔦 The U.S. collected a record $7 billion in tariffs on imported goods in September.