Beijing and Washington announce preliminary trade agreement

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According to Beijing, the Trump administration has agreed to gradually reduce these tariffs, which are damaging to the Chinese economy (illustration image). Reuters

It is a thinning in the trade war between Washington and Beijing. China announces a preliminary trade agreement with the United States, Donald Trump renounces the imposition of new tariffs against Beijing.

After 19 months of trade war with a surge of punitive customs duties, the preliminary agreement found this Friday marks a truce. Donald Trump talks about real progress.

The United States renounces to impose from this Sunday, a new wave of taxes equivalent to 160 billion dollars on Chinese goods. This new salvo was to take effect this Sunday, December 15. However, this is not the end of customs taxes against Beijing. The preliminary agreement found provides for a " stepwise " reduction in American customs duties.

As soon as the agreement was reached, Donald Trump congratulated himself in a tweet with these words: “ It is a fantastic agreement for everyone. Thank you ! "

..... The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!

The President said that negotiations for the next phase would begin " immediately ". However Washington and Beijing must still proceed to the legal examination and the translation of the text before laying the signature which will definitively endorse the agreement.

Presented as a success by Donald Trump, the news of the agreement was little welcomed by investors, because the prospect of this first agreement between the two opposing powers was anticipated by the markets.

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