China and the United States have agreed terms of a Phase 1 trade deal under which the United States reduced some tariffs and Beijing canceled retaliatory duties that were scheduled to take effect on Dec. 15. Before Sunday’s deal, U.S. corn, sorghum, wheat, undenatured ethanol and refined copper cathodes had faced an additional tariff of 10% on shipments to China. Propane, cotton, aluminum scrap, copper scrap and rare earth magnets were all set for an additional 5% duty. Below is a list and timeline showing how China’s tariffs on key U.S. commodities and energy items stand after the Phase 1 accord. CRUDE OIL China ... (full story)