Trump Says Historic Agreement Reached Between U.S. and China
Hülya Karahan: Production Editor
The United States and China signed the first-phase trade agreement at the White House. In his speech, President Trump praised this as a “historic agreement” between China and the United States! But he also said that the United States will maintain tariffs on China until a second-phase trade agreement is reached. Trump confirmed that he will go to China for the second phase of trade negotiations.
China attended the signing ceremony with Vice Premier of the State Council of China and Chinese leader Liu He in the China-US trade negotiations. Liu He brought a letter from Chinese President Xi Jinping, which was read aloud by a senior Chinese official at the White House. The letter said that the China-US trade agreement is beneficial to the world.
Trump said that when the second phase of the trade agreement is reached, all punitive tariffs imposed on China will be lifted. Trump explained why he would continue to maintain tariffs on China, “otherwise, the United States would have no cards.” However, all tariffs will be abolished after the second phase of the agreement is reached, and Trump said he has no plans for a third phase of trade negotiations.
Currently, the United States imposes punitive tariffs on China’s 370 billion US exports.
Trump said, “Today marks a historic day. With China, we have passed a stage where the two sides will sign a fair and mutually beneficial trade agreement. Vice President Pez, who attended the signing ceremony, also said that two important global economies affirm There will be controversy, but this day marks a new chapter in US-China relations.
Trump said China promised to crack down on theft and counterfeiting. U.S. Treasury Secretary Mnuchin said earlier that the first phase of the trade agreement deals with the theft of intellectual property the United States is most concerned about and China’s forced technology transfer. He said that the second phase of the agreement will cut more tariffs on Chinese goods.
The agreement includes China’s purchase of US $ 200 billion in additional US products over the next two years. The agreement also includes provisions that will enable U.S. companies to do business more freely in China, as well as China’s commitment to build a stronger legal foundation to ensure compliance with intellectual property rights and enforcement.
LIVE: POTUS Signs the Phase One Trade Agreement! https://t.co/teqGqjdgeZ
— The White House (@WhiteHouse) January 15, 2020