Trump today announced that the U.S. and China has reached a “very substantial phase 1” deal as negotiators made progress on intellectual property, financial services and agricultural sales. He also stated that good progress had been made on issues around technology transfer from American companies to Chinese partners. The deal is “subject to being written,” which can take weeks, but the October 15 tariff hike from 25% to 30% on tranches 1, 2 and 3 has been cancelled. If ready, Trump said he may sign it at the Asia-Pacific Economic Cooperation meeting Nov. 16 or 17. The next phase (2) of trade talks may begin immediately after the first deal is signed. At this point, Trump has not decided whether the December 15 tariff hike on tranche 4 list B goods will be implemented because the negotiators could not get concessions worth postponing it in time during the phase 1 negotiations. The second phase of negotiations needs to happen soon if there will be any rollback of the September 1 tariff hike on tranche 4 list A goods. Trump has also mentioned that there may be a phase 3 of negotiations because there is much more that the U.S. needs China to agree to. Thank you for your attention and cooperation. If you have any questions, please contact your nearest JJB representative. Keep yourself updated with the latest industry happenings, subscribe to JJB’s Newsletters!
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