Vice Minister of Commerce Wang Shouwen announced yesterday that China and the United States have reached an agreement to close the so-called "Phase one" of trade negotiations.

Existing duties of 23% on 230 billion Chinese exports will remain in force and duties on the other 7,3 billion will be reduced to approximately 120%. According to estimates by the Office of the Trade Representative (USTR), the Phase One agreement over the next two years will increase US trade with China by $ 200 billion. A large part is that destined to the greater purchases of US agricultural products by Beijing, which stood at 24 billion in 2017 and collapsed with the outbreak of the 32,7% trade war in 2018, and a further 30,8% in the top ten months 2019. Beijing has agreed to purchase 32 billion additional agricultural products over the next two years. China has also said it is willing to increase purchases of services, energy and manufacturing products made in the USA (source Il Sole24Ore).

The Chinese declaration after the opening put on the table of Donald Trump. With this announcement, Beijing is likely to start negotiations to put an end to about 20 months of bitter trade war. The beginning looks promising, so much so that on Sunday the American tariffs will not be triggered on 160 billion dollars of Chinese consumer products, the last remaining outside the US tariff barriers; China immediately wanted to offer its availability with the cancellation of the duties of 25 percent.

The urgency, writes Il Sole 24Ore, is to close the agreement by December 13, thus avoiding a further escalation of the US trade war was dictated by the negative consequences that the last wave of duties would have on Christmas consumption. : in recent weeks the pressure from the business world has increased to postpone the tariffs that would have hit consumer goods.

The probable turning point from the voice of 150 employer associations grouped in the "America for Free Trade"Who wrote to Trump:"We urge you to reach the Phase-one agreement with China without the specter of new tariffs".

Determined by the protest of the farmers of the Midwest, who are among the great electors of President Trump.

The text of the agreement on the Phase one between the United States and China also includes new agreements on the strengthening of intellectual property, the forced transfer of technologies, the purchase of agricultural and food products, the opening of the financial services market, and currency policies , regulatory transparency, the promotion of exchanges, a series of bilateral considerations and, last chapter, the resolution of disputes.

The special trade manager Robert Lighthizer he wants to close the game in January, before the president's speech on the State of the Union. The reduction of existing tariffs will also be addressed as soon as possible, US President Donald Trump directly reassured. This reduction will be included in Phase two and will constitute one of the topics of discussion and comparison during the next US elections.

Analysts speak of a "mutilated victory" because the Huawei issue and the industrial dispute for the technological domination of the future have still remained unresolved.