OUR NEWS

Tariffs on hold in early US-China trade deal

December 13, 2019

 

The US and China have announced a preliminary trade agreement.

The so-called phase one deal will see billions of dollars in tariffs removed or delayed.

 

US stocks hit a fresh record on hopes there will be a continued softening of trade tensions between the world's two largest economies.

 

A fresh wave of US tariffs on Chinese imports was due to take effect on Sunday. However, this has been cancelled for now.

 

"We will begin negotiations on the phase two deal immediately, rather than waiting until after the 2020 Election," US President Donald Trump said in a tweet. "This is an amazing deal for all."

 

If the new, higher tariffs had gone ahead, Chinese-made goods such as smartphones, clothing and toys would have become more expensive for Americans just ahead of Christmas.

 

US negotiators are reportedly offering to significantly reduce existing tariffs on about $360bn (£270bn) worth of Chinese imports.

 

In return, China has promised to buy large quantities of US soybeans, poultry and other agricultural products.

 

The agreement is a deal in principle, which means if China breaks any part of the agreement, the Trump administration has the ability to re-implement tariffs.

Please reload

Recent Posts

Please reload

SUBSCRIBE TO OUR NEWSLETTER

Keep up to date with the latest news and services from Oakmark Global Vision

WEST AFRICA'S NO.1 ECONOMIC AGENTS

REGIONAL OFFICE

INTERNATIONAL OFFICE

CONNECT WITH US

SITE MENU

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

King Court, 17 School Road
Hall Green Birmingham
United Kingdom  B28, 8JG

+234 -(0)- 929 207 02
+234 (0) 808 643 0422

+44 (0) 121 244 1814
+44 (0) 746 625 2505

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

WEST AFRICA'S NO.1 ECONOMIC AGENTS
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey LinkedIn Icon