United States and China reach phase one trade agreement

USA – Based on a preliminary analysis of a phase one trade agreement reached between China and U.S., Chinese-made furniture will continue to face 25 percent duties.

According to United States trade representative, some USD 250 billion in Chinese made goods will continue to face tariffs of 25 percent. This list includes about USD 200 billion in products, including furniture. Another USD 120 billion in goods will face 7.5 percent tariffs.

The historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.

The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement.