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A breakthrough in the US/China trade talks was confirmed after China revealed the first details of the phase 1 deal.
Several tariff waivers on US imports were announced, which will take effect for one year from the 26th December. The latest move comes hard on the heels of an earlier move by China to remove import tariffs on soybeans and pork. China also declared that a second batch of waivers would be revealed “at an appropriate time.”
This solid evidence of progress in the trade talks is expected to lift business confidence generally, which has been adversely affected by the growing prospects of a trade war between the two economic superpowers. Full details of the phase one agreement have not been released yet, but are believed to include consensus on intellectual property, as well as actions to prevent trade in counterfeit and pirated goods.
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