Trump, China sign new trade deal staving off impending tech tariffs

Enlarge / President Donald J. Trump signs a trade agreement with Chinese Vice Premier of the People's Republic of China, Liu He, in the East Room at the White House on Wednesday, Jan 15, 2020, in Washington, DC. (credit: Jabin Botsford | The Washington Post | Getty Images)

After years of posturing, tariffs, retaliation, and heated rhetoric, United States and China officials this week finally signed off on a new trade deal that should allow tech businesses and consumers to avoid steep tariffs on electronics and other goods that would otherwise have taken effect this coming weekend.

The full agreement (PDF) is principally focused on the agricultural sector. US farmers, unable to export their goods to the country's largest trade partner, faced significant losses from the trade standoff, and the administration spent billions on agricultural bailouts.

Under the terms of the new deal, China will purchase an additional $200 billion worth of US goods and services over the next two years. Experts estimate that US exports to China this year would pass the $260 billion mark in the next 12 months.

Read 8 remaining paragraphs | Comments