President Trump signs Phase One trade deal with China
WASHINGTON – The ceremonial signing of a Phase One trade deal with China is still not reducing tariffs on Chinese-made furniture. Officials said the signing could lead to a Phase Two deal that could potentially reduce 25% tariffs on some $380 billion in Chinese-made products, including furniture. But it was not immediately clear on how soon that might happen.
The Phase One deal would reduce tariffs on about $120 billion in goods from 15% to 7.5% according to MarketWatch. As part of the deal, China also agreed to purchase some $200 billion in U.S. goods and services over the next two years as previously reported. This would take effect in about 30 days, according to the Guardian.
he news of the signing of the deal did have some effect on the market on Wednesday. The Dow rose just over 90 points, to 29,030, while NASDAQ and the S&P rose 7.37 and 6.14 points, respectively.