US, China sign phase one of trade 'deal'
The US and China on Wednesday signed an agreement in the first phase of a deal designed to ease the long-running trade war between the two countries.
US President Donald Trump claimed the deal would be the “the biggest deal ever”, while China was more muted in its response.
China pledged to boost US imports by $200bn above 2017 levels and strengthen intellectual property rules. The US agreed to halve some of the new tariffs it has imposed on Chinese products.
China has committed to increasing its US imports by at least $200bn over 2017 levels, boosting purchases of agriculture by $32bn, manufacturing by $78bn, energy by $52bn and services by $38bn.
However, most of the $360bn worth of tariffs the US has already imposed on Chinese goods would remain in place.
China also agreed to take more action against counterfeiting and make it easier for companies to pursue legal action over trade secret theft.