23 Oct U.S. – China Trade War: Day 475

U.S. – China Trade War: Day 475

Total US tariffs applied exclusively to Chinese goods: US$550 billion

Total Chinese tariffs applied exclusively to US goods: US$185 billion

Day 475: October 23, 2019 – US announces “Phase 1” deal, delays tariff increase for Chinese goods

Following a two day meeting on October 10-11 in Washington DC, US President Donald Trump announced that negotiators from the US and China had reached a “Phase 1” agreement that will take several weeks to finalize. As part of the Phase 1 agreement, China will reportedly purchase US$40-50 billion in US agricultural products annually, strengthen intellectual property provisions, and issue new guidelines on how it manages its currency.

President Trump also announced that the US would delay a tariff increase scheduled to go into effect on October 15. The delay will apply to tariffs that were scheduled to increase to 30 percent on US$250 billion of Chinese goods. The delay appears to be an extension of a previous tariff increase delay – from October 1 to October 15  – for tariffs that were scheduled to increase from 25 to 30 percent.

Source: China Briefing.