On a day when impeachment charges where handed up to the Senate….
Donald Trump signs off on phase 1 of many in trying to settle down his trade war with China ….
President Trump and Chinese Vice Premier Liu He signed an initial “Phase One” trade agreement Wednesday, freezing a 20-month trade war between Washington and Beijing and opening the door to a more-substantial “Phase Two” deal.
The deal, text of which was not released ahead of the signing, is said to include commitments by China to buy $200 billion of U.S. goods, including as much as $50 billion in agricultural products over two years.
“Today we take a momentous step, one that has never been taken before with China, toward a future of fair and reciprocal trade as we sign Phase One of the historic trade deal between the United States and China,” Trump said.
“Together we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.”
The deal will halve 15 percent tariffs on $120 billion of Chinese imports, but leave 25 percent tariffs on an additional $250 billion of imports in place. Agreement on the deal prevented a planned increase in the tariff rate in October and a new round of tariffs in December….