“This is an amazing deal for all. Thank you!”
Editor’s Note: Will will not be broadcasting Silver Doctors Live today. We will be back live-streaming at 11:00 a.m. EST on Monday. Thanks for your continued consideration!
UPDATE: 11:09 a.m. EST:
From the Office of the US Trade Representative:
Washington, DC – The United States and China have reached an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement. The United States has agreed to modify its Section 301 tariff actions in a significant way.
“President Trump has focused on concluding a Phase One agreement that achieves meaningful, fully-enforceable structural changes and begins rebalancing the U.S.-China trade relationship. This unprecedented agreement accomplishes those very significant goals and would not have been possible without the President’s strong leadership,” said United States Trade Representative Robert Lighthizer.
“Today’s announcement of a Phase One agreement with China is another significant step forward in advancing President Trump’s economic agenda. Thanks to the President’s leadership, this landmark agreement marks critical progress toward a more balanced trade relationship and a more level playing field for American workers and companies,” said Secretary of the Treasury Steven Mnuchin.
The United States first imposed tariffs on imports from China based on the findings of the Section 301 investigation on China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation. The United States will be maintaining 25 percent tariffs on approximately $250 billion of Chinese imports, along with 7.5 percent tariffs on approximately $120 billion of Chinese imports.
UPDATE 10:40 a.m. EST
UPDATE: 10:09 a.m. EST:
Since the press conference is not in English, nor are there subtitles or live real-time English translation, we can only rely on reporting from the mainstream media (this from ZH):
And from Bloomberg:
(Silver Doctors Editors) After a week of trade deal uncertainty, it seems we’re on the brink of some clarity.
A short while ago, President Trump called out the Wall Street Journal for spreading fake news:
The Wall Street Journal story on the China Deal is completely wrong, especially their statement on Tariffs. Fake News. They should find a better leaker!
— Donald J. Trump (@realDonaldTrump) December 13, 2019
A lot of what is going on is that reports are coming in that the Chinese have not said that they have agreed to the deal.
That said, it seems China will be giving some sort of statement on the trade deal.
From Zero Hedge:
The market appears convinced this is everything we’ve been hoping for but the radio-silence from China (along with leaked rumors of concerns about the terms – which “will never be made public”) has some fearing this is a Trump administration play to maneuver the narrative, forcing China into a corner as the ‘bad guy’ if no deal is actually agreed by Sunday night.
Here’s an embed to the announcement (supposedly beginning at 10:00 a.m. EST, unsure of broadcast language):