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January 15, 2020
4 Min Read
China and the United States entered into the "Phase One" partial trade agreement on Wednesday. Image courtesy of Pixabay
The governments of the United States and China signed off on the ‘phase one’ trade agreement on Wednesday, which aims to resolve issues in intellectual property, technology transfer, agriculture, financial services, currency and foreign exchange, the Office of the United States Trade Representative (USTR) and the White House announced in releases.
“From day one, my administration has fought tirelessly to achieve a level playing field for the American worker,” U.S. President Donald J. Trump said in a statement following the signing of the document.
The Trump administration said the agreement will create opportunities for American farmers and businesses, redefine the country’s trade relationship with China, and ensures that China will make structural reforms, including measures against counterfeit goods and addressing concerns over intellectual property and trade secrets.
Under the terms of the deal, China will boost its imports of U.S. goods and services by $200 billion over the next two years. The Asian nation will buy $40 billion to $50 billion in U.S.-produced agricultural goods each year through 2021.
The National Association of Manufacturers (NAM) issued a statement lauding President Trump and U.S. Trade Representative Robert Lighthizer for their work to secure the agreement.
“Results matter,” NAM President and Chief Executive Officer Jay Timmons said. “We are proud that the ‘phase one’ deal includes core elements of NAM’s proposed framework. Because of the President’s tenacity and focus, this is an indisputable win for our country and a momentous day in the U.S.-China economic relationship. It is a remarkable turning point for manufacturers, with the unprecedented and enforceable commitments on critical intellectual property protections to which China has agreed.”
Plans for the partial trade deal were first announced in October 2019.
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