President Trump announced that the U.S. and China have reached a “phase one” trade agreement and will not increase tariffs from 25 to 30 percent as planned to take effect Oct. 15. The preliminary agreement specifically impacts List One, List Two and List Three on the Harmonized Tariff Schedule, which includes industry-related components and materials used to manufacture lighting, machinery, musical instruments and accessories, and pro audio products, among many other products, stated NAMM.

It is expected that the first phase of the agreement will be signed when the President meets with Chinese President Xi Jinping on Nov. 16 to 17 at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in Chile. The Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.

The president said there will be a second phase of negotiations at a date and time yet to be determined.

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