Preliminary phase-one agreement reached with China

The U.S. and China reached a tentative, interim agreement in ongoing trade negotiations on Oct. 11. The U.S. agreed to delay planned Oct. 15 and Dec. 15 increases in tariffs on Chinese imports. China, in turn, agreed to purchase $40-$50 billion in U.S. agricultural products and eliminate foreign ownership requirements in its financial services sector. According to President Trump, the agreement also includes provisions on intellectual property and forced technology transfer. Details have yet to be announced.

Finalizing the phase-one agreement should take three – five weeks. Work on a longer-term, phase-two agreement is expected to begin immediately.