Trump Says Dec. 15 Tariffs Are Off

The Section 301 tariffs on goods from China that were set to take effect on Dec. 15 will not go forward because a phase one deal between the U.S. and China was reached, President Donald Trump said in a Dec. 13 tweet. "The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal," he said.

The 15 percent tariffs that took effect on Sept. 1 will also be reduced to 7.5 percent, though the other 25 percent tariffs will stay in place, he said. "We have agreed to a very large Phase One Deal with China," said Trump. "They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder."

Negotiations for the next phase of the deal will begin "immediately," Trump said. The Office of the U.S. Trade Representative described the deal in a news release as a "historic and enforceable agreement."