The latest news in the ongoing trade negotiations with China provides another win for President Trump and the American people!
China is set to cut tariffs on U.S. products including food and pharmaceuticals. They also plan on purchasing $200 billion in goods and services from the US.
FOX Business’ Hillary Vaughn with more:
President Trump has been negotiating with China for some time on trade.
He’s trying to change the unfair trade tactics between the two countries.
-China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States.
-Next year, China will implement temporary import tariffs, which are lower than the most-favored-nation tariffs, on more than 850 products, the finance ministry said on Monday.
-That compared with 706 products that were taxed at temporary rates in 2019.
U.S. Trade Representative Robert Lighthizer said China had agreed to buy $200 billion worth of additional U.S. goods and services over the next two years as part of the Phase 1 trade pact to be signed in early January. If the purchases are made, they would represent a huge jump in U.S. exports to China.