On 15 January 2020, the Mainland of China (“the Mainland”) and the United States (“the US”) signed an agreement on a Phase One trade agreement to call a truce on an 18-month trade war between the two countries.

The agreement covers an array of changes to the economic and trade regime of the Mainland in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.

As for the US, the agreement will result in the suspension of a planned tariff on about US$155 billion of Chinese goods and the reduction of an existing duty from 15% to 7.5% on Chinese imports worth around US$120 billion. However, the US has retained 25% tariffs on US$250 billion on Chinese imports.

For details, please see:
Economic and Trade Agreement between the Government of the United States of America and the Government of the People’s Republic of China

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