IT was an eventful week in the US markets as the much awaited “phase one” trade deal between the US and China was officially signed at the White House on Wednesday, de-escalating their 18-month conflict.
The deal shows that the US will roll back some tariffs (tariffs on US$120bil Chinese products were reduced to 7.5% from 15%) in exchange for China’s agreement to buy an additional US$200bil of US goods and services over the next two years. However, the US will leave the existing 25% tariffs on US$250bil of Chinese industrial goods and components.
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