SEE ALSO :Oil prices tumble amid US-China trade uncertainty"Today, we take a momentous step, one that has never been taken before with China", which will ensure "fair and reciprocal trade", Trump said at the White House signing ceremony. In a letter to Trump read by Liu, the Chinese president said the deal is "good for China, for the US and for the whole world." That reduction will take effect in 30 days, when the deal enters into force, a senior administration official told reporters. The official said China has not made any specific commitments to cut tariffs it has imposed on US goods in retaliation. Trump has repeatedly touted the trade pact as a win for American farmers, who were hit hard by the tariff war.

Source: Standard Digital January 16, 2020 09:00 UTC