U.S., China sign phase one trade deal
U.S. President Donald Trump and Chinese Vice Premier Liu He have signed a trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.
U.S. President Donald Trump and Chinese Vice Premier Liu He have signed a trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The 90-page phase one agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. The United States agrees to cut tariffs on $120 billion in Chinese goods by half, to 7.5% within approximately 30 days, and to forgo other planned tariffs.
While agriculture purchases have smaller goals for increased trade under the deal than energy, manufacturing, and services, the trade provisions (pdf) still lay out a planned increase of $32 billion over the two-year period. In addition to purchase agreements, a multitude of non-tariff barriers to U.S. agriculture and seafood products are addressed in the deal, including for meat, poultry, seafood, rice, dairy, infant formula, horticultural products, animal feed and feed additives, pet food, and products of agriculture biotechnology.
“This agreement finally levels the playing field for U.S. agriculture and will be a bonanza for America’s farmers, ranchers, and producers,” said U.S. Agriculture Secretary Sonny Perdue, in a USDA press release. “China has not played by the rules for too long, and I thank President Trump for standing up to their unfair trading practices and for putting America first. We look forward to exporting to Chinese customers hungry for American products.”
Trade deal (pdf)
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