China and the U.S. Agree to a “Low-Hanging Fruit” Phase One Trade Deal as the Tariff Bandwagon Loses Steam
https://wccftech.com/china-and-the-u-s-agree-to-a-low-hanging-fruit-phase-one-trade-deal-as-the-tariff-bandwagon-loses-steam/
Suspension of List 4B tariffs that were due to take effect this Sunday on $160 billion of consumer goods imports from ChinaAccording to multiple reports, the U.S. and China have agreed to a phase one trade accord that ensures concessions from both sides and offers global equity markets a critical boon before the crucial holiday session.
As per the details revealed, the U.S has provided following concessions to China regarding the tariff slabs detailed in the section 301 of the United States Trade Representative (USTR) website:
Reduction of List 4A tariffs to 7.5 percent from the original 15 percent imposed on $120 billion of Chinese products on 1st of September
Preservation of tariffs included in lists 1 - 3 that cumulatively entail 25 percent tariffs on $250 billion of Chinese imports