The International Trade Council announces that the United States and China have signed an agreement to ease the trade war that has impacted global markets and the world economy. US President Donald Trump called the pact "transformative" for the US economy, while Chinese leaders described it as a "win-win" deal that would foster better relations between the two nations.
Under the agreement, China has committed to increasing its imports from the US by $200 billion above 2017 levels and strengthening intellectual property rules. In return, the US will reduce some of the new tariffs it has imposed on Chinese products. However, the majority of the tariffs remain in place, prompting business groups to call for further negotiations.
The International Trade Council acknowledges the efforts of both countries in reaching this "phase one" agreement and hopes that it marks the beginning of a stronger relationship between the US and China. The Council will continue to monitor the situation and provide updates on the global economic landscape and its implications for international trade.