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China to buy $50 billion in U.S. farm products in return for tariff concessions: U.S. sources

Added 12-12-19 10:03:02pm EST - “The White House has agreed to suspend some tariffs on Chinese goods and reduce o...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “China to buy $50 billion in U.S. farm products in return for tariff concessions-U.S. sources”. Below is an excerpt from the article.

WASHINGTON (Reuters) - The White House has agreed to suspend some tariffs on Chinese goods and reduce others in return for Beijing’s pledge to hike purchases of U.S. farm products in 2020, sources said on Thursday, taking a step towards de-escalating the trade war between the world’s two biggest economies.

A sourced briefed on the status of bilateral negotiations said the United States would suspend tariffs on $160 billion in Chinese goods expected to go into effect on Dec. 15 and roll back existing tariffs.

In return, Beijing would agree to buy $50 billion in U.S. agricultural goods in 2020, double what it bought in 2017, before the trade conflict started, two U.S.-based sources briefed on the talks said.

The White House didn’t release any official statement, raising questions about whether the terms had been agreed by both sides.

Two people familiar with the negotiations had said earlier on Thursday that U.S. negotiators were offering to cut existing tariffs on Chinese goods by as much as 50% as well as suspend the new tariffs scheduled to go into effect on Sunday in an attempt to secure a “Phase 1” deal first promised in October.

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