Geneva Trade Triumph

The Trump administration reached a "phase one" trade agreement with China in December 2019, designed to de-escalate trade tensions that had significantly impacted the global economy. The deal involved concessions from both sides. The US agreed to reduce some tariffs on Chinese goods, specifically cutting the tariff rate on $120 billion of Chinese imports from 15% to 7.5%. In return, China pledged to significantly increase purchases of US goods and services over the next two years, amounting to at least $200 billion in additional imports. This included increased purchases in manufacturing, agriculture, energy, and services. Beyond trade balance, the agreement addressed intellectual property protection, forced technology transfer, currency manipulation, and market access for US companies. China committed to stronger enforcement of intellectual property rights, promised to refrain from currency devaluation to gain a trade advantage, and pledged to open its markets further to US financial service companies. The deal was touted by the Trump administration as a major victory. However, some analysts remained skeptical about China's ability to meet the ambitious purchase targets and the long-term impact of the agreement. Despite the deal, significant tariffs remained in place on a large portion of Chinese imports to the US, and vice versa, indicating that broader trade disputes were far from resolved. find the original article here: https://www.yahoo.com/news/trump-administration-reaches-trade-deal-185146111.html