China and USA are about to define trade agreements

Both nations are finalizing details for what will be the first phase of tariffs plan announced on December 13

China and the United States are giving the last formal touch-ups to the first phase trade agreement between both powers, announced on December 13, but still pending signature, including the legal review of the texts and translation tests, as has informed the Ministry of Commerce of China.

“China and the United States keep straight communications about the follow-up work, including signing the agreement”, said Gao Feng, a spokesman for the Ministry. Chinese.

On December 13, China and the United States announced that they had reached an initial agreement to resolve their commercial differences, in addition to other issues such as technology transfers, financial services and intellectual property protection. This prevented the entry into force of the crossed tariffs that both powers planned to impose since December 15 and reduce some of the rates imposed on Chinese US imports.

On the other hand, Beijing announced this week that since January 1st, 2020, import tariffs of 859 kinds of products, ranging from frozen pork to semiconductors and compounds for diabetes or cancer drugs, whose value aggregate exceeded $ 350 billion in 2018.

The Chinese Ministry of Finance explained that the new list of commodities subject to tariff reduction responds to the need to “optimize the commercial structure and promote high-quality economic development”.

K. Tovar

Source: La Vanguardia

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