At a ceremony in Washington D.C., President Trump and Vice Premier Liu He signed the Phase One trade agreement between the United States and the People’s Republic of China. In front of an audience of more than 200 government and business leaders, President Trump lauded the deal as a “sea change for international trade” which will bring a “more stable peace throughout the world”.
Details of Phase One Agreement
China will import more than $200 billion of American goods over two years including:
$50 billion on agricultural goods
$75 billion on manufacturing goods
$50 billion on energy purchases
$40+ billion on services mostly in the financial sector
Additionally, the deal includes provisions that address intellectual property enforcement, forced technology transfer, and currency devaluation standards and restrictions.
Tariffs Remain… for now
According to President Trump, U.S. tariffs on Chinese goods will continue throughout the Phase One agreement citing the need for negotiating leverage. The President expects all tariffs to be removed under a Phase Two deal, which will be negotiated soon.
Stay connected with us as more details are announced!