by Chris Sevcik, Director of International Trade Services
The United States and China have agreed to move forward with the phase one trade deal. As both sides continue to negotiate the final details of phase one, no new tariffs will be implemented. The deal is expected to be signed by both parties in January.
The postponement of the tariffs was expected by most observers. Neither side wanted to implement the newest round of tariffs as it would impact virtually every product made in China including electronics and toys during the Christmas buying season in the United States. Businesses on both sides of the Pacific are eager to see a signed trade deal in the near future and welcome the postponement of tariffs.
Key points of the phase one trade deal include: a reduction of existing tariffs, increase agriculture sales to China and discussing enforcement of intellectual property. Keen on coming to an agreement soon, China and the United States are working on addressing these matters in preparation for a final signing in January. We will be posting updates as this story develops.