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Wednesday, April 24, 2024

US, China sign ‘momentous’ trade deal

After nearly two years of conflict between the world’s two dominant economic powers, the United States and China signed a trade truce, letting businesses around the globe breathe a sigh of relief.

US President Donald Trump, who currently faces an impeachment trial and then a tough reelection bid later this year, called the agreement “momentous.”

But tariffs on hundreds of billions of dollars in imports remain in place, leaving American consumers and businesses to foot the bill.

The “phase one” agreement includes pledges from China to beef up purchases of American crops and other exports, provides protections for US technology, and new enforcement mechanisms.

“Today, we take a momentous step, one that’s never taken before with China,” that will ensure “fair and reciprocal trade,” Trump said at the White House signing ceremony.

“Together, we are righting the wrongs of the past.”

As Trump ambled through a lengthy commentary on the deal, punctuated by introductions of many officials involved in the negotiations, major networks switched away from the White House to the Congress to show the presentation of articles of impeachment in the Senate as the first step towards a trial.

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