By Christian Robinson
The United States agreed to postpone a tariff increase from 25% to 30% on $250 billion worth of Chinese imports that was scheduled to take effect on October 15. In exchange, China agreed to purchase $40–$50 billion more U.S. farm products annually (compared to $24 billion before the recent trade war).
Additional details on the deal between the two countries are still being finalized. President Trump said that the agreement covers agricultural structural issues and purchases, intellectual property, forced technology transfer, currency and financial services.
The deal does not address structural reforms being sought by the United States, including specific steps China will take to enforce intellectual property protections for U.S. companies, enforcement mechanisms to ensure compliance with a final agreement, and eventual removal of the tariffs already in place on $360 billion of Chinese imports. These other issues would be addressed in a subsequent agreement.
For more information, contact Stuart Gosswein at firstname.lastname@example.org.