The US agrees to reduce some tariffs on Chinese goods, and delay tariffs set to go into effect on December 15 as part of a reached trade deal
Investors monitor stock prices at a brokerage in Beijing on Thursday, Dec. 12, 2019. Asian shares are mixed after a wobbly day on Wall Street following the Federal Reserve announcement that it would leave interest rates unchanged. Japan's benchmark Nikkei 225, South Korea's Kospi and Hong Kong's Hang Seng rose in early Thursday trading.
Brilliant said the administration has agreed to suspend Trump's plans to impose tariffs on $160 billion in Chinese imports Sunday and to reduce existing tariffs, though it wasn't clear by how much. Earlier Thursday, a spokesman for China's Ministry of Commerce, Gao Feng, had told reporters that “the economic and trade teams of both sides have maintained close communication.” He offered no additional details.
Three Democratic senators — Minority Leader Charles Schumer of New York, Ron Wyden of Oregon and Sherrod Brown of Ohio — sent a letter to the White House on Thursday, urging Trump to "stand firm'' in the negotiations with China. They called on the president to hold out for “commitments from the Chinese government to enact substantive, enforceable and permanent structural reform.
Since July 2018, the Trump administration has imposed import taxes on $360 billion in Chinese products. Beijing has retaliated by taxing $120 billion in US exports, including soybeans and other farm products that are vital to many of Trump's supporters in rural America. A far-reaching agreement on China's technology policies will likely prove difficult. It would require Beijing to scale back its drive to become a global powerhouse in industrial high technology, something it sees as a path to prosperity and international influence.
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