Today China and the US have agreed to rollback tariffs as a deal was reached on the first phase of the new trade deal with both sides will be restructuring tariffs. US President Trump has tweeted that China has agreed to “massive purchases of Agricultural Product, Energy and Manufactured Goods, plus much more,” estimating US$50B in agricultural product purchases alone. US tariffs will be reduced to 7.5 percent on $120B of imports and with 25 percent tariffs on about $250B of Chinese imports, both sides are motivated to being phase two of negotiations immediately.
