WASHINGTON, D.C.-- President Donald Trump is signing off on an initial trade agreement with the country, according to U.S. officials and others familiar with it.
Leaders say the agreement would avoid new U.S. tariffs and cut the rates of existing ones, in exchange for a Chinese promise to buy American farm goods. Both counties have haggled over specifics for months.
Investment Advisor Mark Grywacheski is following the agreement. He had the latest on it Monday, December 16 on Your Money, during Good Morning Quad Cities. He says China will buy significant quantities of U.S. agriculture goods, but he also says the country is accused of devaluing its currency.
"By artificially lowering the value of its currency, China makes its manufactured goods cheaper to buy in the global marketplace, which then unfairly pulls global demand away from U.S. manufacturers," Grywacheski said Monday.
Phase one of the agreement goes into effect immediately. As part of it, the President's also cancelled a 15% tariff on Chinese goods that was supposed to go into effect Sunday, December 15. To see more about the deal, click here.
Your Money with Mark airs between 5 and 5:30 a.m. every Monday. To live stream our newscast, click here.