US China Trade Deal - BBC News

Summary

The US and China have signed a partial trade deal aimed at easing their 18-month-long trade conflict. President Trump and China's Vice Premier attended a ceremony at the White House, marking a significant step toward fairer and reciprocal trade. While China has agreed to purchase $200 billion in US goods, including agricultural and industrial products, tariffs on $250 billion worth of Chinese goods remain in place. The trade dispute has impacted American jobs and families, and though this deal provides temporary relief, unresolved issues, such as China's industrial subsidies, suggest that the path to lasting change remains uncertain.

Takeaways

• 😀 The US and China signed a partial trade deal aimed at easing an 18-month trade conflict.
• 😀 The trade deal aims to create fair and reciprocal trade between the two largest economies in the world.
• 😀 President Trump and China's Vice Premier attended the signing ceremony at the White House.
• 😀 American consumers and businesses, such as farmers and manufacturers, have borne the brunt of the trade war with added costs and job losses.
• 😀 The trade war added over $800 to the average American family's annual bills and possibly caused the loss of 300,000 US jobs.
• 😀 The US and China will work towards fairer trade terms, with President Trump calling the deal a momentous step.
• 😀 China is expected to buy an additional $200 billion worth of US goods, including agricultural and industrial products.
• 😀 The US will reduce tariffs on $120 billion worth of Chinese goods, but 25% tariffs will remain on $250 billion worth of products.
• 😀 President Trump's major complaint about China's industrial subsidies remains unresolved and is unlikely to be resolved soon.
• 😀 The trade deal is seen as a temporary truce, with significant issues expected to be addressed in future phases of negotiation, particularly during President Trump's election year.

Q & A

What is the purpose of the partial trade deal signed between the US and China?

The purpose of the partial trade deal is to ease the 18-month trade conflict between the US and China, aiming for fair and reciprocal trade relations between the two countries.

How did President Trump describe the trade deal during the ceremony?

President Trump described the trade deal as a 'momentous step' towards a future of fair and reciprocal trade between the US and China.

What industries and sectors have been most affected by the US-China trade war?

Industries most affected include American farmers (producing soybeans and pork), car manufacturers, and Chinese factory workers making electronic gadgets.

How has the trade war financially impacted American families?

The trade war has added over $800 to the average American family's annual bills, with some estimates suggesting it cost up to 300,000 US jobs.

What does the phase one trade deal involve from both the US and China?

China has promised to buy an additional $200 billion worth of US agricultural and industrial goods. In return, the US will reduce tariffs on $120 billion worth of Chinese goods, though 25% tariffs will remain on another $250 billion worth of Chinese products.

What unresolved issue remains between the US and China despite the deal?

One unresolved issue is China's unfair subsidies to its industries, which was one of President Trump's biggest complaints and is unlikely to be resolved anytime soon.

How long will it take to assess the practical impact of the trade deal?

It will take several months to see how the trade deal works out in practice.

Why might the trade ceasefire be politically significant for President Trump?

The trade ceasefire may be politically significant for President Trump due to the looming American election, as it could be seen as a strategic move to show progress in resolving the trade conflict.

What is the current status of the US's goal to rewrite global trade rules?

President Trump has yet to achieve his goal of rewriting the global trade rulebook, and significant differences remain between the US and China on key issues.

How might the trade deal impact future US-UK relations post-Brexit?

Those hoping for a mutually beneficial relationship between the UK and the US after Brexit will be closely watching the implementation of this trade deal, as it could provide insights into how future trade agreements might unfold.