“The U.S. and China signed a landmark deal to sharply increase sales of U.S. goods and services to China and help companies operating in China by better protecting their intellectual property and opening further Chinese markets, especially in financial services,” the Wall Street Journal reports.
“The eight-part agreement acts as a cease-fire in a two-year trade war that has roiled markets globally and cut into global growth. As a condition of Beijing signing the deal, the U.S. agreed to cut tariffs on $120 billion in Chinese goods by half to 7.5% and to forgo other planned tariffs. A host of difficult issues, which have been the heart of the trade battle, including Chinese subsidies to domestic companies and the behavior of Chinese state-owned firms were pushed off to later rounds of talks.”
CNBC: “The Trump administration aims to start negotiating the next piece of the trade agreement before the November 2020 election.”