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Trump says “very large Phase One Deal” with China agreed

The United States and China have reached a “very large” trade deal, President Donald Trump has announced. The accord will see China step up its imports of American products, and could end a two-year trade war.

The president claimed that under the agreement, China will make “massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.”

However, the 25 percent levies on around $250 billion worth of Chinese goods will remain in place, and the planned 15 percent duties on $160 billion of Chinese consumer products will be unaffected by the deal. Certain other existing tariffs on $120 billion in Chinese goods will be rolled back from 15 percent to 7.5 percent.

Negotiations on phase two of the deal will begin immediately, Trump added.

Read more: rt

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