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U.S. And China Reach Phase One Trade Deal In Principal

Ramsey Baker

Summary: China and the trump administration have in principal reached a phase one trade deal on Thursday, the deal is only pending approval from President Donald Trump, according to CNBC. On Thursday Trump met with top advisors to discuss the trade with China and if U.S. tariffs should be delayed. Duties of 15% are set to ...

China and the trump administration have in principal reached a phase one trade deal on Thursday, the deal is only pending approval from President Donald Trump, according to CNBC.

On Thursday Trump met with top advisors to discuss the trade with China and if U.S. tariffs should be delayed. Duties of 15% are set to take effect Sunday, which would affect around $160 billion in Chinese made goods.

The white house has offered to throw out the duties and cut some of the existing tariffs in half. The U.S. proposed cutting existing duties on $360 billion in Chinese products by 50%.

By Ramsey Baker

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