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Trump Says US, China Have Reached Deal

Created: December 13, 2019 12:17 PM

WASHINGTON (AP) -  President Donald Trump said Friday that the U.S. has canceled plans to impose new tariffs on $160 billion worth of Chinese imports Sunday as part of a modest interim agreement that de-escalates a 17-month trade war between the world's two biggest economies.

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The United States is also reducing existing import taxes on about $112 billion in Chinese goods from 15% to 7.5%

The president's comments came during his Oval Office meeting with Paraguayan President Mario Abdo Benitez.

The "Phase 1" deal announced Friday leaves unresolved some of the thorniest issues.

But Trump said work on a follow-up would begin "immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!"

Before Friday's announcement, Chinese Foreign Minister Wang Yi had complained at a government-organized forum in Beijing that Washington was unfairly attacking China.

A Chinese official later said Beijing is ready to work with the U.S. "to do more to promote growth in trade."

Copyright 2019 The Associated Press. All rights reserved.

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