China Phase One Trade Deal to Be Signed Jan. 15; CBP Awaits Tariff Reduction Instructions
President Donald Trump tweeted that he will sign “our very large and comprehensive Phase One Trade Deal with China on January 15” at the White House. "High level representatives of China will be present" and Trump is planning to go to Beijing "at a later date" to begin talks around Phase Two, he said. An administration official previously said the signing would be done between the U.S. trade representative and China's vice premier, and would happen in the first week of January (see 1912130035).
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As part of the phase one deal, the Section 301 tariffs on List 4a, which are at 15 percent and apply to about 3,800 8-digit tariff lines, will go to 7.5 percent, though no date for that change has been announced. CBP "is prepared to implement tariff reductions under Phase 1 of the trade deal with China once further guidance and clarification is received from USTR,” a CBP spokesman said. The Office of the U.S. Trade Representative did not respond to a question about when the tariff reduction would go into effect. The USTR previously said that China has committed to buying $200 billion in American goods annually above historic purchase levels (see 1912130035).