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U.S. secures Phase One trade deal with China

Photo courtesy of whitehouse.gov

“Today we take a momentous step, one that has never been taken before with China. (A step) toward a future of fair and reciprocal trade,” President Donald Trump stated, moments before signing a Phase One trade deal with China.

Trade officials Wednesday sealed the deal, as leaders from the world’s two largest economies penned a phase one trade deal. President Donald Trump said, “The agreement we (President Trump and Chinese Vice Premier Liu He) signed includes grounding provisions in areas of critical importance.”

“China has pledged to make substantial and enforceable commitments regarding the protection of American ideas, trade secrets, patents, and trademarks. They are doing more in Phase One than anyone thought possible. China has also pledged firm action to confront pirated and counterfeit goods. In addition, the agreement addresses forced technology transfer,” President Trump said.

President Trump finds China’s pledge to increase purchases of American products to be the most important part of the agreement.

“They’re going to be spending more than $200 billion over the next two years, including up to 50-billion dollars on agriculture alone. They’ll be spending 75-billion dollars on manufacturing, 50-billion dollars on energy, and 40- to 50-billion dollars on services, including financial services,” President Trump said.

President Trump plans to visit Beijing, China in the “not so distant future” to begin Phase Two negotiations. The President does not expect negotiations to surpass Phase Two.

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