This trade agreement suspended the future application of US tariff increases on Chinese products and the reduction of additional tariffs from 15% to 7.5% imposed on September 1, 2019, including Brazil nuts, in-shell hazelnuts, pignolias and peanuts exported to the US (effective from February 14, 2020). In exchange, China agreed to purchase US origin goods, including agricultural and manufactured products, among others. However, China has no immediate plans to lift retaliatory tariffs on US origin products.
The trade agreement includes provisions on intellectual property, technological transfer, agriculture, expanded trade and dispute settlement provisions that create regular bilateral consultations and allow each country to take proportionate countervailing actions.
A Phase Two Trade Agreement would remove bilateral tariffs and its negotiations are expected to start soon after the implementation of the first phase of the deal.
Remarks by President Trump at Signing of the U.S.-China Phase One Trade Agreement
USTR Notice of Modification of Section 301 Action
Economic and Trade Agreement between China and the US
A Phase Two Trade Agreement would remove bilateral tariffs and its negotiations are expected to start soon after the implementation of the first phase of the deal.
Remarks by President Trump at Signing of the U.S.-China Phase One Trade Agreement
USTR Notice of Modification of Section 301 Action
Economic and Trade Agreement between China and the US
