China and the United States have reached an initial agreement to resolve their trade differences, in addition to other issues such as technology transfers, financial services and intellectual property protection, and that will mean that the cross-tariffs that both powers had planned were not finally applied. be imposed respectively starting next Sunday, as reported by the Chinese authorities and confirmed by US President Donald Trump .

Several representatives of the Chinese Government announced this Friday at a press conference that the agreement on the context for the first phase of a trade agreement with the United States includes the US commitment to withdraw additional tariffs imposed on Chinese exports, while the Asian giant It will increase its imports of US energy and agricultural products.

"With the first phase agreement, the US has pledged to reverse part of the tariffs applied to Chinese products and to extend exemptions for Chinese exports," said Wang Shouwen , Vice Minister of Commerce of China, at the press conference, adding that Beijing " will not introduce the tariffs that were to be applied as of December 15 ".

The Chinese officials, however, declined to offer details on the scope of the agreement between the two powers, as well as the tariffs that would be withdrawn, noting that the pact is still "under revision" , so the data will be given to Know later.

"We hope that the US will honestly honor its commitment," said Wang. "China will not introduce the tariffs that were to be applied since December 15," he added.

More imports from China

Among the different aspects that the agreement reached would cover, China has pledged to increase its energy imports from the US, as well as the purchase of agricultural and pharmaceutical products.

"We are an important export market for US agricultural products. In fact, we are the largest destination for US cotton and soybean exports," said the Chinese trade representative.

The president of the United States, Donald Trump, for his part has indicated that it is "a very large First Phase agreement" , adding that China has agreed to make "many structural changes and massive purchases of agricultural products, energy and manufactured goods", although he recalled that the 25% tariffs will continue to apply, together with 7.5% over the rest.

"The penalty fees set for December 15 will not be applied due to the fact that we made the deal," the US president announced through Twitter. "We will begin negotiations on the Phase Two Agreement immediately, instead of waiting until after the 2020 elections. This is an incredible deal for everyone. Thank you!", He added.

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