The US and China have made progress and come to a “phase one” deal, US President Donald Trump has said. Washington suspended the tariff hike on $250 billion in Chinese goods which was set to go into effect next week.
After 15 months of trade talks between Washington and Beijing, the two sides have “come to a very substantial phase one deal,” US President Donald Trump told reporters on Friday.
Trump did not provide details and said the accord has yet to be put in writing. However, the US president said that it would include intellectual property rights and financial services.
“You’re very tough negotiators,” Trump told the Chinese delegation.
The leader of the Chinese team, Vice Premier Liu He, said he was happy about the outcome.
“We will continue to make efforts,” he told Trump in the Oval Office.
More breathing room on tariffs
The deal prompted the US to suspend a tariff hike on $250 billion (€226.5 billion) in Chinese goods which was set to go into force next Tuesday. The US will also consider revoking its currency manipulation designation against China, said Treasury Secretary Steven Mnuchin.
However, according to Mnuchin, Trump has yet to make a decision on additional tariff hikes set to go into effect in December.