Trump: ‘We Have Agreed to a Very Large Phase One Deal With China’

President Donald Trump said that his administration has reached a “phase one deal” with China.

“We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.,” Trump said on Friday.

He said the 25 percent tariffs will remain in place, with 7.5 percent “put on much of the remainder.”

“The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!” he added.

The announcement came a day after Trump declared, “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”

Reports on Thursday had indicated a deal had been reached “in principle” just days before the United States is set to impose new tariffs on almost $160 billion of Chinese imports on Dec. 15.

Chinese officials said at a press conference in Beijing Friday evening that the United States has agreed to phase out tariffs on Chinese goods.

The two countries have achieved major progress in their phase one trade negotiations, Beijing officials said, and agreed on the text of a phase one deal.

The deal will provide more protection for foreign companies in China, and Chinese companies in the United States, Chinese officials said.

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