The United States and the Chinese government announced they have reached “Phase 1” of a trade deal and suspended the increase in tariffs for products on Lists 1, 2, and 3 that were set to begin on October 15 from 25 to 30 percent on $250 billion worth of Chinese imports.
President Donald Trump on Friday said US and Chinese negotiators agreed to a “very substantial phase one deal,” and remarked “We are very close to ending the trade war,”
The deal will take about three to five weeks to write (and is only effective when written and signed) and is scheduled to finalize mid-November.
However, no decision has been made on 15 percent tariffs on an additional $300 billion in imports from China, including footwear and apparel, due to take effect Dec. 15.
Trump told reporters talks on a “phase two” trade deal would begin after phase one is finalized, according to news reports.
Here is a full video of the President’s announcement.