President Donald Trump signed on Wednesday phase one of the administration’s trade deal with China which deescalates an ongoing economic trade war between the world’s two most powerful economies.
JUST IN: President Trump officially signs the “phase one” China trade deal, calling it a “momentous step toward a future of fair and reciprocal trade with China.” https://t.co/cS64Kpo0XB pic.twitter.com/4phpahKwTx
— CNBC (@CNBC) January 15, 2020
“The pact is intended to open Chinese markets to more American companies, increase farm and energy exports and provide greater protection for American technology and trade secrets. China has committed to purchasing an additional $200 billion worth of American goods and services by 2021 and is expected to ease some of the tariffs it has placed on American products,” The New York Times reported. “The agreement is a significant turning point in American trade policy and the types of free-trade agreements that the United States has typically supported. Rather than lowering tariffs and other economic barriers to allow for the flow of goods and services to meet market demand, this deal leaves a record level of tariffs in place and forces China to buy $200 billion worth of specific products within two years.”
At a signing ceremony at the White House, Trump said, “We greatly appreciate you joining us at this White House event, this is a very important and remarkable occasion.” – READ MORE