The phase one deal has been reached by the Donald Trump administration in principle and is waiting for an approval from the President himself as per revelation of sources on Thursday to a few media houses.
Trump has met his top advisers on this Thursday regarding the trade with China and if another delay is possible in the forthcoming round of tariffs. 15% tariffs had been set to take effect this Sunday and would be impacting close to $160 billion goods which have been imported from China and most of these goods are consumer goods like computer, phones, clothing and also toys,
There is reportedly an offer for scrapping these duties and also slashing a few of the tariffs by half. The proposed cuts of the existing duties are going to positively impact Chinese made goods of about $360 billion.
Trumps focus is on the agricultural products from United States to China which China has promised to purchase as a part of this deal. China has committed that it is going to buy close to $40 billion goods while the president is trying to make sure that this figure touches $50 billion.
Two of the largest economies in the world have been reining in a trade related war which is dragging the growth down globally. There is no clarity about the differences in this deal in comparison to the deal which had partially been made in the month of October.
There was a major jump in the United States indexes after there was news that came out of a deal being agreed in principle and the investors are hoping that the two countries can execute this deal before the tariffs kick in.
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