Us China Trade Agreement Full Text
The agreement, published in both Chinese and English, consists of eight chapters that cover several topics in detail, including intellectual property, technology transfer, food and agricultural products, and financial services. The agreement aims to ease some U.S. economic sanctions against China, while Beijing must strengthen the purchase of U.S. agricultural products and other products. For example, Mr. Trump cited beef, pork, poultry, seafood, rice and dairy products. The deal leaves tariffs on about $360 billion in Chinese imports, with the government`s leverage hoping to generate concessions in the future. To date, the U.S. merchandise trade deficit over the previous year has decreased by 16% from the previous year to $321 billion. The deficit will continue to shrink if Beijing meets its commitments to buy significantly more U.S. imports. Left: U.S.
President Donald Trump holds Chinese Vice Premier Liu He after signing « phase one » of U.S.-China trade agreement in the East Room of the White House in Washington, D.C., United States, January 15, 2020.Photo: Kevin Lamarque/Reuters « The Phase 1 agreement contains reasonable commitments but does not meet the government`s original objectives, » said Wendy Cutler, a former U.S. negotiator who is now vice president of the Asia Society Policy Institute. Other Chinese concessions would force Bejing to make major changes to its state-dominated business model, meaning that « the prospects for a timely conclusion are very remote, » she said. Under the agreement, China will purchase at least $200 billion in additional U.S. goods and services over two years, including $32 billion in additional imports of U.S. agricultural products. Derek Scissors, a China expert at the American Enterprise Institute, said the trade war had already given Trump an advantage, even though he didn`t force Beijing to change its economic policy: Trump`s tariffs reduced Chinese exports to the United States and reduced America`s trade deficit with China. The agreement was signed Wednesday in Washington D.C. by Chinese Vice Premier Liu He and U.S. President Donald Trump. After the signing ceremony, Liu said the agreement would benefit not only both countries, but the world.
« We mark more than just an agreement. We are marking a change in international trade, » Trump said at a noise ceremony, referring to former FBI Director James Comey, impeachment proceedings and a possible july 4 visit to Mount Rushmore for a fireworks display. Chinese Vice Premier Liu He is with U.S. President Donald Trump after the signing of China and the United States. Phase 1 Economic and Trade Agreement in the East House of the White House in Washington, U.S., January 15, 2020.