US and China Reach Agreement on Limited Trade Deal

The US and China agreed on the initial phase of a trade agreement to end the escalation of their trade dispute. The US agreed to reduce tariffs on $120 billion of goods from 15% to 7.5% and to suspend another round of tariffs on $156 billion of Chinese-made goods that were scheduled to take effect on Sunday. China has agreed to increase purchases of US agricultural goods by $32 billion over previous levels during the next two years. There is no detail on which goods are included in the agreement and there is no indication that Chinese tariffs on US goods, including wood products, have been revised.