US, China Reach Major Tech Trade Deal


china-president-xi-jinpingThe U.S. and China have reached an agreement to drop tariffs on a wide range of technology products, in a deal backers say could cover $1 trillion in trade, and that marks a significant accomplishment amid tensions in the Washington-Beijing relationship.

The two nations struck a deal late Monday to expand the Information Technology Agreement, a global technology trade pact, to cover semiconductors, medical devices, Global Positioning System devices, and other newer products.

The agreement, reached after marathon negotiations and more than a year of stalled talks, could be ratified in December by members of the World Trade Organization. President Obama unveiled the deal this morning at the APEC summit in Beijing. Read more at The Wall Street Journal.

{Andy Newscenter}