This archive report was first published on 13 December 2019.
On Friday, China announced that it had agreed on the text of an initial trade deal with the United States, a move that has been hailed as a significant de-escalation in the 19-month tariff war that has rattled the world economy.
According to Wang Shouwen, China's vice commerce minister, the two sides have made 'significant progress' in their negotiations, with the agreement set to result in the United States removing some of the tariffs it has placed on $360 billion worth of Chinese goods.
The deal, which was announced on December 13, 2019, includes a commitment by China to buy more agriculture products and to strengthen laws protecting foreign companies operating there.
Mr. Wang stated that both sides have agreed to complete legal reviews as quickly as possible and will work out arrangements for an official signing.
The agreement is expected to provide relief to investors, who have been haunted by the steady drumbeat of tariffs that have depressed business sentiment and stirred economic uncertainty.
