UPDATE: China and the USA reached agreement on Phase-I trade deal

It is reported that China and the USA have come to an agreement on the Phase-I trade deal on 13 December 2019, easing the tension between the two countries following more than two and a half years of negotiations. 

The Phase-I deal would be officially signed in January 2020, according to the officials, though no date has been determined yet. Besides the fact that China would procure more farm and energy products from the USA, the trade deal entails the following:

1.    The USA suspends the threatened round of tariffs on $160 billion worth of Chinese imports that was initially scheduled to take effect on 15 December 2019.

2.    The USA would cut tariffs by 50% on $120 billion worth of Chinese imports, including Bluetooth headphones, smart speakers and flat-panel televisions, from the current 15% to 7.5%.

3.    A tariff of 25% on $250 billion worth of Chinese goods, however, remains in place as the USA prefers to retain some leverages for the negotiation on the Phase-II trade deal.

There have not been any further details on the Phase-II trade deals released at the moment.