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USA-China: the truce of duties signed

The agreement on Phase 1 comes after two years of commercial war / VIDEO

But there is no shortage of analysts doubts: tariffs remain largely in force, the real problems are only postponed. Trump: "Historical step never been done before with China. I will visit in the not too far future"

The United States and China have signed the Phase 1 agreement between the two economic superpowers regarding tariffs. After almost two years of trade war between Washington and Beijing, the truce between the two countries has been signed by the American President Donald Trump and the Chinese vicepremier Liu He. Following the pact, China will purchase approximately $ 200 billion worth of US goods and services. The new US duties were therefore lifted at 15% of the 160 billion dollars of "Made in China" products. The duties remain at 25% on 250 billion dollars of Chinese imports, while tariffs on residual categories of articles will be reduced to 7.5%, for an estimated total of 120 billion dollars produced by Beijing that will be removed in one next phase.

The pact includes technology transfers, intellectual property, food and agricultural products, financial services and trade expansion. China will significantly increase imports of agricultural products from the US, such as pork, poultry, soy beans, wheat, corn and rice. Trump explained that the tariffs will be removed with the definition of Phase 2 of the agreement, for which discussions will begin shortly: the United States wanted to keep in hand opportunities to play on the second table. "We don't expect a Phase 3 deal to be needed", he said. He called Chinese President Xi Jinping a "great friend" and said that he will soon travel to China. He speaks about the agreement as a "historical" agreement and an "important step forward" towards a better relationship between the two countries.

But doubts come from analysts. For example this morning by Intesa San Paolo: "beyond the temporary stabilization of uncertainty, the agreement should not be overstated. The most controversial issues in the negotiations have remained outside and will be discussed in Phase 2, with potential repercussions on uncertainty in 2021 The Phase 1 agreement also maintains control mechanisms by the US for the fulfillment of commitments by China (with possible increases in duties in the event of default), on the occasion of the periodic updates, at least every six months, which will be part of the Understanding".

"The agreement shows that China and the United States can smooth out differences and find solutions to dialogue-based problems", hoping that the United States will treat Asian companies fairly and support collaboration at all levels between the two sides: this is the hope by President Xi contained in a letter addressed to Trump, which Liu He read at the conclusion of the long speech by the head of the White House, both broadcast yesterday in a long live (see video below) on Twitter, his channel of preferred communication.


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© EFA News - European Food Agency Srl
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