U.S. and China might have reached a trade deal

It seems that the U.S. government has agreed to suspend some tariffs on Chinese products and cut back on others in exchange for Beijing’s commitment to increase purchases of U.S. farm products in 2020, sources quoted by Reuters said on Thursday, December 12. If confirmed it could mean a de-escalation of the trade war between the two countries. 

A source mentioned by Reuters, said that the United States is willing to suspend tariffs on US$160 billion in Chinese products expected to go into effect on Dec 15 and roll back existing tariffs. 

In exchange, Beijing seems to agree to buy US$ 50 billion in U.S. agricultural products in 2020, double of what it purchased in 2017, before the start of the trade war. 

However, no official statement has been released from the White House and the agreement is unconfirmed at the moment. Moreover, as Reuters reports, from the Chinese side there is no sign that a deal has been reached. 

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