United States and China have reached an agreement on the text of the phase one deal and China has decided to cancel their plans of imposing additional tariffs on the imports from United States on 15th December as per the comments on Friday from a Chinese government official.
United States has also promised a cancelation of tariffs on a basis that is in phases as per the comments of Wang Shouwen who is the vice minister of commerce in China
Liao Min, the vice finance minister has said that the cancellation of tariffs was the core to the Chinese end of the concerns regarding the trade negotiations and both the sides have made sure that they reach an agreement with regard to that.
With both the countries reaching a deal, U.S. according to the minister has made a promise to cancel a few of the implemented and planned tariffs and is going to step the waivers which have been granted to the imports from China.
United States and China have been discussing when and where the deal is going to be signed. China is going to import rice, corn and wheat post the deal as per Han Jun.
China is also going to increase the imports of agriculture, pharma, financial and energy along with financial services said Ning Jizhe who is the vice chairman of the state planning commission.
The details on value and volume have not been given by the officials.
The trade deal is also going to protect the interest of the foreign firms in China while the legal interests of the Chinese firms who are dealing in the U.S. are going to be protected too as per the government.
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