On Jan. 15, the United States and China signed a modest ‘phase one’ trade agreement, signaling a major first step towards defusing tension in the trade war between the two nations. Under this initial agreement, the Trump administration will reduce the existing tariff rate on $120 billion worth of import goods from China, in addition to upholding its commitment to not impose further tariffs on Chinese goods. Although the agreement rolled back some of the import duties imposed on China, steep tariffs on $250 billion of goods remain. AGC applauds this initial agreement and will continue to advocate for a further reduction of tariffs to keep construction material cost low and maintain market stability.
For more information, contact Cory Gattie at cory.gattie@agc.org or (202) 547-4685