Giving into China’s demand that Trump drop the wide-ranging upcoming tariff’s that would come in into effcet on Sunday and reduce some the already existing ones?
The two countries are about announce a first step agreement in a series of 3 to 4….
China will agree to go back to buying American agriculture products …..
The Trump admin has been using taxpayer money to try and reimburse farmer for their lost revenue..
This will be the second trade deal that the Trump admin has finally pulled off since Trump became President….
Some Republicans are not happy seeing Trump as caving in to the Chinese’s demand for lifting import taxes…
Under one scenario, Robert E. Lighthizer, the president’s chief trade negotiator, and Chinese Ambassador to the U.S. Cui Tiankai could sign the document as soon as tomorrow. Alternatively, Lighthizer and Treasury Secretary Steven Mnuchin could travel to Beijing for the signing.
Business leaders who have grown anxious for relief from the trans-Pacific tariff wars welcomed the news. “That is excellent news. It puts a floor under the deterioration in the relationship,” said Craig Allen, president of the U.S.-China Business Council.
Myron Brilliant, executive vice president of the U.S. Chamber of Commerce, said the deal would benefit American manufacturers and farmers. “It’s an important first step, but just a first step,” he said. “There is more work to be done.”
Several people close to the talks said the administration had not shared with them the text of the deal, which they described as an “agreement-in-principle.” Trump two months said he had reached “an agreement in principle” with China and expected to commit the terms to paper within a few weeks.
Trump met with his top advisers Thursday afternoon as they prepared for a final decision within hours.
The president has until Sunday to determine whether to impose tariffs on $160 billion in Chinese imports. Most analysts expected Trump to delay or cancel the import tax in hopes of reaching an initial trade deal.
Even before a formal presidential decision to proceed, Republican critics of the so-called “Phase One” agreement sounded the alarm….
image…cnbc.com