US, China sign ‘momentous’ trade deal

Chinese Vice Premier Liu He said the agreement he signed with Donald Trump ‘considerably addressed the concerns of both sides’

AFP.com, 16 Jan, 2020-   
The United States and China signed a truce in their trade war on Wednesday after nearly two years of tensions, bringing relief to markets but largely leaving massive tariffs in place.   

The “phase one” deal is also a boon for Donald Trump as he faces an impeachment trial and a tough re-election fight this year, with the US president hailing the agreement as “momentous”.However, with tariffs still in place on two-thirds of more than $500 billion in imports from China, US consumers and businesses will be left to foot the bill.   

The agreement includes pledges from China to beef up purchases of US agricultural goods and other exports for two years, provides some protections for US technology, and new enforcement mechanisms that allow Washington to quickly impose penalties that Beijing cannot respond to.   

“Today, we take a momentous step, one that has never been taken before with China”, which will ensure “fair and reciprocal trade”, Trump said at the White House signing ceremony.   
“Together, we are righting the wrongs of the past”.