OAN Newsroom

UPDATED 6:45 AM PT — Friday, December 13, 2019

President Trump has signed off on a ‘phase one’ trade deal with China. The Trump administration has reportedly agreed to hold off on additional tariffs and lower the rates on current duties in exchange for China buying U.S. farm products. The Chinese Ministry of Commerce also announced it is waving its punitive duties on U.S. soybeans and pork. Despite the Chinese government’s agreement to buy more U.S. agricultural products, reports say China has failed to fully follow through on such promises in the past.

The Chinese Ministry of Commerce also announced it is waving its punitive duties on U.S. soybeans and pork. This follows two months of negotiations to hammer out the details of a deal after the president announced in October negotiators had reached a broad outline of a preliminary trade agreement.

FILE – Soybeans are offloaded from a combine during the harvest in Brownsburg, Ind. On Friday, Dec. 6, 2019, China’s finance ministry said Beijing is waiving tariff hikes on U.S. soybeans and pork. (AP Photo/Michael Conroy, File)

Throughout his time in office, President Trump has criticized China over unfair economic practices against the U.S. This led him to spark a trade war in July of 2018 by implementing duties on $34 billion worth of Chinese goods. In the nearly 18 months since then, the two countries have continued to impose tit-for-tat retaliatory tariffs against each other. However, Beijing has reportedly started running out of corners of the market where it could hit the U.S. due to the trade imbalance between the two countries.

Particularly, the administration has said if China fails to address issues of intellectual property theft, agricultural trade, and currency protections then the U.S. would walk away from the negotiations.

“The president has said many times if the deal is no good, if the assurances with respects to preventing future thefts, if the enforcement procedure is no good he has said we will not go for it. We will walk away.”

— Larry Kudlow, Director – National Economic Council

The new agreement will reportedly cut some existing duties against Beijing by as much as half.

RELATED: Wall Street Hits Records On News Of U.S.-China Trade Deal

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