US, China sign “phase one” of trade deal

Washington – The US and China have signed a "Phase One" trade agreement designed to be the first step in a comprehensive trade deal with China.

The agreement, signed 15 Jan, offers structural reform to Chinese regulations in the areas of intellectual property, technology transfer, agriculture, financial activities and currency and foreign exchange, according to a fact sheet issued by the Office of the US Trade Representative.

It halves the US tariffs on some $120 billion (€108 billion) worth of goods imported to the US from China, to 7.5% from 15%.

These products include retreaded tires, conveyor belts, rubber hoses, rubber footwear and a number of chemicals.

However, the 25% tariffs on $250 billion worth of other Chinese goods remain in place, including autos and auto parts.