U.S. and China reach preliminary trade agreement


U.S. President Donald Trump tweeted that while the 25 per cent tariff on Chinese imports will remain in place, the 15 per cent levy on other goods has been halved; another round of tariffs meant to take effect Sunday will not go through. Trump said the agreement covered energy and manufactured goods, among others; Chinese Commerce Vice-Minister Wang Shouwen mentioned issues like agriculture, tech transfer and IP protection. (The Wall Street Journal)

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Talking point: The trade war between the two countries has put a damper on the global economy. The U.S. tariffs hit the tech sector particularly hard; many device parts are manufactured in China and faced price increases as a result, affecting the likes of Apple, whose supply chain relies heavily on the country, and Google, which was moving the production of its Pixel phone to Vietnam. The pared-down levies, which come just ahead of the holiday season, are in exchange for concessions from China, including a pledge to purchase tens of billions of dollars in U.S. farm goods. Still to come are negotiations on more contentious issues, on which neither party elaborated.