December 13, 2019
Details are still developing but the Washington Post has indicated that a deal has been reached to stop the scheduled List 4B, 15% tariff increases on $160 billion of Chinese imports and reduce those already in place on another $250 billion of goods.
In exchange, China has agreed to purchase $50 billion worth of U.S. farm goods and tighten rules on intellectual property.
It is not known how and how much current tariffs will be reduced in this deal which is referred to as "Phase I" of ongoing negotiations. Phase II of the trade deal is expected to be the subject of further negotiations in 2020 and the President has indicated these talks may go beyond the November election.
This is of course welcome news and we will continue to monitor how any changes will be implemented by Customs and Border Protection and keep you advised.