Document of the US - China Phase 1 Trade Deal

07/07/2020    108

In the early morning of January 16 (Vietnam time), US President Donald Trump and Chinese Vice Premier Liu He had signed the Phase 1 Trade Deal.

According to the signed document, China agrees to buy from the US at least 32 billion USD of agricultural products within 2 years; more than 52 billion USD in energy products such as crude oil, liquefied natural gas and petrochemical fuels from the US; nearly 40 billion USD in services, including financial services, and about 77.7 billion USD in US industrial goods. Thus, China pledged to buy a total of more than 200 billion USD of US goods.

In return, the United States pledged not to impose any additional tariffs on Chinese goods but would not immediately abolish the already imposed tariffs.

The 25% tax rate imposed on the 250 billion USD of Chinese's goods imported to the US will be unchanged. Meanwhile, the 15% tax rate applied on September 1st 2019 to 120 billion USD of imports from China will be reduced to 7.5%.

The full text of the US and China Phase 1 Trade Deal is attached below: