U.S. trade deal with China could end tariffs on high-tech products

A trade deal between the U.S. and China could end tariffs on $1 trillion in global sales of high-tech items such as semiconductors, MRI machines, GPS devices, printer ink cartridges, video game consoles and other products.

President Barack Obama who is in Beijing for the Asia-Pacific Economic Cooperation summit said Tuesday that the U.S. and China reached an "understanding" on expanding the Information Technology Agreement of 1996.

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The ITA bans tariffs — or taxes on imported goods and services — on IT products among countries that are part of the World Trade Organization. Tariffs give domestic goods a price advantage for customers over imported ones. The expanded deal would eliminate those costs for multiple high-tech products, leveling the playing field. Read more...

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