• Media: agreement between the United States and China on duties in principle
  • China and the USA towards an agreement for the "gradual reduction of duties"
  • China: "New talks with the US tomorrow". Progress in duty negotiations

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by Tiziana Di Giovannandrea December 13, 2019The United States and China have reached a trade agreement on duties with their "gradual reduction". Duties that had been placed reciprocally by the two countries to penalize the import-export of products.

The new tariffs should have been triggered on Sunday 15 December but, after reaching a partial trade compromise with China, US President Donald Trump tweeted the stop to the duties: "We have agreed on a very broad 'phase one' agreement with the China. They have agreed to many structural changes and to the purchase of a huge quantity of agricultural, energy and manufacturing products, and much more ".

..... The Penalty Tariffs set for December 15th will 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!

- Donald J. Trump (@realDonaldTrump) December 13, 2019
"The 25% rates will remain as they are, while 7.5% will be applied to most of the rest ... the tariffs set for December 15 as a penalty will not be applied since we have concluded the agreement. negotiate the second phase of the agreement, rather than waiting until after the 2020 elections. This is an extraordinary agreement for everyone. Thanks! " added Donald Trump asking to go immediately to phase two.

Beijing for its part announced that "we will significantly increase the purchase of agricultural goods from the United States". In this way the Chinese Ministry of Commerce expressed itself in a note released by the Chinese media to send the negotiators' press conference to resolve the tariff dispute with the United States.

In the compromise signed, China committed itself to buying foodstuffs for about 40/50 billion dollars from the United States, while the halving of import duties from China by the US would be around 360 billion.

The text of the agreement between China and the United States includes nine parts which are: preamble, intellectual property, technology transfers, food and agricultural products, financial services, exchange rates, trade expansion, dispute resolution and final clauses.

The announcement of the achievement of a trade agreement between the two countries has thrilled the markets and galvanized the stock exchanges.