The U.S. and China announced they have reached a phase-one trade deal.

The U.S. will suspend the scheduled December 15 tariffs (15% on nearly $150 billion of goods) as well as minimally roll back tariffs (cut the rate on the September tariffs from 15% to 7.5% on $120 billion while leaving in place 25% on $250 billion). In exchange, China is expected to remove tariffs and significantly increase purchases of agricultural products and other goods.

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