The US Trade Representative announced that the United States and China have reached a Phase One agreement where China has agreed to make “substantial” purchases of US goods and to enhance intellectual property protections. The US in turn has agreed to suspend the imposition of 15% duties on List 4B which were to have gone into effect on December 15th. Additionally, the 15% duties on List 4A which went into effect September 1st will be reduced to 7.5%, likely 30 days after the agreement is signed in early January. The 25% duties on Lists 1, 2, and 3 will remain in place. A Federal Register notice is expected this week.
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