October 14, 2019
President Donald Trump announced Friday the U.S. will hold off on the tariff hikes originally scheduled for Oct. 15, according to the Associated Press. The tariffs were set to go from 25% to 30% on $250 billion in Chinese imports.
China has, in turn, agreed to buy between $40 billion and $50 billion in U.S. farm products. The agreement also included concessions on intellectual property, according to The New York Times.
Trump told reporters it would take “five weeks or less” to get the deal in writing. However, according to U.S. Trade Representative Robert Lighthizer, this “phase one” deal does not affect the 15% tariffs on $160 billion of Chinese goods set to go into effect on Dec. 15.
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