Additional tariffs on up to $160 billion of Chinese goods will be cancelled as a result of a phase one agreement just signed by President Trump and Liu He, China’s vice premiere.
The 86-page agreement lifts tariffs that were imposed by the U.S. last fall primarily on consumer electronics.
The White House has intimated, however, that other tariffs put on China by the U.S. will remain in place until the successful conclusion of phase two negotiations between the two countries.
As part of the phase one agreement, China has promised to increase by some $200 billion its purchase of manufactured and agricultural goods, along with energy products, between now and 2022.
The agreement, according to analysts, fails to include a wide range of construction materials, including cement, vinyl tile flooring, circular saw blades, and medium-density fiberboard.
The news service Housing Wire noted that a 25 percent levy on more than 6,800 goods from China, including construction materials, will remain in place.
From the other end, last spring China imposed tariffs on up to $60 billion on U.S. goods, including pipes, tubes, and bricks.
In a statement, Wendy Cutler, the vice-president of the Asia Society Policy Institute, called the just-announced agreement, “meaningful, but modest.”
Speaking with the New York Times, Cutler added: “Because the United States was willing to compromise with China and not press them on the most difficult issues, they were able to reach positive ground.”
By Garry Boulard
Your comment will be posted after it is approved.
Leave a Reply.
Get stories like these right to your inbox.