Will US-China 'Phase One' Trade Deal Decide Huawei's Fate?

22 2018 containers are seen at the port in San Pedro California US

China suspends tariffs on US-made cars, corn and other goods amid new trade truce

-China trade deal will almost double U.S. exports to China over the next two years and is "totally done" despite the need for translation and revisions to its text, U.S. Trade Representative Robert Lighthizer said on Sunday. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.

The so-called phase one agreement announced Friday includes elements dealing with intellectual property protections, technology, currency and financial services.

U.S. Trade Representative Robert Lighthizer speaks during an event to sign an update to the North American Free Trade Agreement, at the national palace in Mexico City, Tuesday, Dec. 10.

Under the agreement, China is expected to import $40 to $50 billion worth of US farm products in each of the next two years.

The U.S. Trade Representative and Department of the Treasury said any reports that U.S. negotiators offered to cut in half tariffs on all $360 billion in goods were "false". That is an increase over the $24 billion that China imported in 2017, the past year before the U.S. In fact, one person, who Reuters did not identify, said the deal, "is a phased achievement, and does not mean that the trade dispute is settled once and for all". This marked the highest level since February, as the manufacturing sector, which has been hit hard by weak global demand and the trade war with China, appears to be headed in the right direction. The two trade deals together cover some $2 trillion in overall trade, he said.

Speaking at a joint press conference with Slovenian Deputy Prime Minister and Foreign Minister Miro Cerar, Wang said China has, as always, been opposed to settling economic and trade disputes by imposing tariffs as there is no victor in a trade war.

China to increase imports from U.S.

American Farm Bureau Federation President Zippy Duvall noted that prior to the eruption of hostilities China was the second-largest market for US agricultural products, but dropped to fifth.

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Some critics noted several shortcomings in the trade deal that was announced between the world's two largest economies on Friday. Hong Kong's Hang Seng Index retreated 0.3%, while Japan's Nikkei 225 and South Korea's Kospi both moved marginally lower.


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"Look at Trump and Lighthizer, they are very happy".

In return, the US government has promised to reduce some taxes on Chinese imports.

China's State Council's customs tariff commission said on Sunday that it has suspended additional tariffs on some USA goods that were meant to be implemented on December 15.

Tariffs that have already been implemented will remain in place.

Shi Yinhong is an adviser to the State Council of China and a professor at Renmin University in Beijing. "There is not a single knowledgeable American negotiator who would support this falsehood", the agencies said in a joint statement. It pointed to stock market gains in recent days as word of a possible deal emerged.

In an article published on Saturday, Doffman claimed that the Chinese tech giant will "lose out" as Beijing and Washington agreed on the deal's "phase one".

"If the hard-liners are making the decisions we're going to get one outcome, if the reformers are making the decisions - which is what we hope - then we're going to get another outcome", Lighthizer added.

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