WASHINGTON: On Wednesday, After almost two years of conflict between the two prevailing economic powers in the world, the United States and China signed a trade agreement, helping companies around the globe breathe a sigh of relief.
US President Donald Trump, who is currently facing an impeachment trial and then a difficult reelection campaign later this year, termed the agreement “profound,” but tariffs on hundreds of billions of dollars in goods remain in place, forcing American businesses and individuals to foot the bill.
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The “step one” deal involves China’s promises to tighten up imports of American crops and other goods, offers US technological security, and additional enforcement mechanisms.
In recent weeks, the relaxation of the U.S .- China trade frictions have strengthened stock markets worldwide as it removes off the table the threat of new tariffs, for now,
Trump signed the deal with Chinese vice-premier Liu He, who headed the talks with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing.