“Today we take a momentous step, one that has never been taken before with China, toward a future of fair and reciprocal trade with China,” Trump said at a ceremony at the White House. As part of the deal, Trump agreed to reduce the rate on tariffs imposed in September and forgo additional import taxes in the future. The trade deal contains a variety of victories for American industry, including opening up markets for biotechnology, beef and poultry. The Trump administration has taken a tougher approach to scrutinising Chinese investments and technology purchases for national security threats, including blacklisting Chinese companies like Huawei, the telecom firm. “I think it’s maybe a useful pause in the downward spiral of US-China relations,” Susan Shirk, a professor at the University of California, San Diego, said of the trade deal.

Source: bd News24 January 16, 2020 03:44 UTC