In the News: Phase One Deal Signed; Online-Only Banking Rules; and US Venture Drop

January 20, 2020 | BY

Vincent Chow

China, U.S. sign phase one trade deal in trade war breakthrough, but tariffs and issues remain; Reuters reports imminent first rules for online-only banks in China, foreign participation welcomed; and U.S. venture investment in China sinks to six-year low amid trade war and slowing Chinese economy

Trade War

Phase one trade deal signed, some tariffs removed

China and the U.S. signed a phase one trade deal at the White House on Jan. 15. U.S. President Donald Trump and Chinese Vice Premier Liu He signed the agreement, the culmination of almost two years of negotiations in the ongoing trade war between the world's two large economies. The 86-page accord reached in December stipulates the halving of U.S. tariffs on $120 billion of Chinese goods to 7.5% and the suspension of additional tariffs, while China has pledged to purchase $40 billion of U.S. agricultural products.

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