NEW: US and China have reached an agreement on phase one of a trade deal, Chinese officials and President Trump say.
The U.S. and China have reached an agreement on phase one of the trade deal, Chinese officals said Friday. President Donald Trump confirmed the news in a tweet shortly afterward. The announcement comes after almost a year and a half of posturing between the world's two largest economies that centered on trade imbalances, access to markets and concerns about intellectual property theft.
The precise conditions of the agreement are yet to be announced, but the U.S. will begin to remove the various tariffs it has levied on Chinese goods, China's Vice Commerce Minister Wang Shouwen said Friday during a press conference. We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder....
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