Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Trump announces 'phase one' trade deal with China

Trump announces 'phase one' trade deal with China

Under the agreement, the U.S. will no longer go forward with a planned tariff increase on Oct. 15 on $250 billion worth of Chinese imports.

President Donald Trump said Friday that the U.S. and China had reached a “substantial phase one deal” on trade that will eliminate a tariff hike that had been planned for next week.

Trump announced the deal in the Oval Office alongside members of his economic and trade teams, as well as Chinese Vice Premier Liu He and his team, who were in Washington for negotiations.

Trump said the deal would take three to five weeks to write and could possibly be wrapped up and signed by the middle of November, when world leaders will travel to Chile for the Asia-Pacific Economic Cooperation summit.

“We've come to a deal pretty much, subject to getting it written,” Trump said.

“This is something that is going to be great for China and great for the U.S.A,” he added.

News of a possible deal had been reported earlier in the day, sending markets upward. The Dow Jones Industrial Average closed the day up nearly 320 points, or 1.2 percent.

Trump  who last week publicly urged the Chinese government to probe former Vice President Joe Biden and his son Hunter over the latter's involvement with an investment fund that raised money in the country  said Friday that the Bidens didn't come up during trade negotiations.

"I have not brought up Joe Biden. China can do whatever they want with respect to the Bidens," Trump said.

According to Trump, under the agreed-upon deal China will purchase $40 to $50 billion of U.S. agricultural products. The agreement will also include commitments by China related to its currency, to intellectual property and allowing the U.S. financial services industry access to Chinese markets, Trump said.

"We've come to a deal on intellectual property, financial services. A tremendous deal for the farmers. A purchase of $40 to $50 billion worth of agricultural products," Trump said.

Under the deal, Treasury Secretary Steven Mnuchin told reporters, the U.S. will no longer go forward with a planned tariff increase on Oct. 15. On that day, tariffs on $250 billion worth of Chinese imports had been set to rise from 25 percent to 30 percent.

Mnuchin said Trump "has not made a final decision" on delaying or eliminating another round of tariffs that is set to go into effect on Dec. 15. On that day, a 15 percent tariff is set to kick in on approximately $160 billion of Chinese imports, including a significant number of consumer goods such as clothes, toys, and electronics.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×