This morning, China announced it has agreed to initial steps of a trade deal with the United States in an effort to de-escalate the looming trade war that has dragged on for 19 months.
China’s Vice Commerce Minister Wang Shouwen, spoke to members of the press in Beijing, reporting that the two countries had made “significant progress.”
Wang said as part of the agreement, the U.S. would step down in phases some of the tariffs previous imposed on $360 in Chinese goods. It will also cancel or delay a new round of tariffs that was planned to go into effect this Sunday.
Wang said this would strengthen cooperation between the two countries and create better conditions.
The agreement also calls for China to purchase more agricultural products from the U.S. and to strengthen laws to protect the intellectual property of American companies.
The U.S. and China have agreed to work quickly to finalized and sign the official agreement.
For more information on the agreement as reported from the New York Times click here.