China Us Trade Agreement Download
The agreement lifts tariffs that were originally scheduled to enter into force on December 15, 2019 and that would have had, among other things, repercussions on China`s massively consumed imports, such as mobile phones, toys and laptops. It also reaffirms Trump`s commitment to halve September 1, 2019 tariffs on $120 billion of Chinese goods, including flat-screen TVs, Bluetooth headphones and shoes, from 15% to 7.5%. However, other tariffs are maintained. These include 25% U.S. tariffs on $250 billion worth of Chinese goods and China`s retaliatory tariffs on $110 billion of U.S. goods. According to U.S. Treasury Secretary Steven Mnuchin, the second phase trade deal, discussed at the end of the phase 1 agreement, removes other tariffs. A summary of the tariffs introduced by the two countries is available in the table below. ==Trade officials said the deal would end a long practice in which China pressures foreign companies to transfer technology to Chinese companies as a precondition for market access. Lighthizer said China has also agreed to fight patent theft and counterfeit products, which would involve the loss of machinery to make counterfeit products. Left: U.S.
President Donald Trump is Chinese Vice Premier Liu He after signing „Phase 1“ of the U.S.-China trade deal on January 15, 2020 in the East Room of the White House in Washington, D.S. Photo: Kevin Lamarque/Reuters At the signing ceremony at the White House, U.S. President Donald Trump called the deal „an important step that has never been taken with China towards a future of fair and reciprocal trade with China.“ Chinese Vice President Liu He, meanwhile, sent a message from Chinese President Xi Jinping, who hailed the trade deal as a sign that the two countries could resolve their differences through dialogue. Washington (AP) — The United States and China reached a trade deal Wednesday that eases tensions between the world`s two largest economies, offers massive export opportunities for U.S. farms and factories, and promises to do more to protect U.S. trade secrets. The Phase 1 deal will permanently ease tensions between China and the U.S. in the short term and could even boost U.S. exporters in some sectors. However, the unintended consequences of how China handles its new commitments, how other trading partners approach China in the future, and international efforts to rewrite WTO rules on trade relations, market competition and government subsidies will determine whether the trade deal was worth it. The 86-page agreement facilitates criminal proceedings in China against those accused of stealing trade secrets.
It contains provisions to prevent Chinese government officials from applying administrative and regulatory procedures to detect foreign companies` trade secrets and pass this information into the hands of Chinese competitors. In total, U.S. exports to China are theoretically expected to increase to $263 billion in 2020 and $309 billion in 2021, if we combine a base of $186 billion in 2017 and an increase in purchases of $200 billion. While Washington calls it a big profit and these commitments could engquires American businesses and farmers, analysts believe it will be a challenge for China to achieve this trade goal. „We need to make sure this is properly implemented,“ Lighthizer said. „This is the first deal of its kind, and we need to make sure it works.“ House spokeswoman Nancy Pelosi, D-Calif, said in a statement that „with the economy losing thousands of manufacturing jobs and farm country stumbling from the damage caused by President Trump, Americans have nothing but a striking televised ceremony to try to hide the total lack of concrete progress, transparency or accountability in this `phase one` deal.“ This could lead Beijing to invest more assiduously in developing new trade relations, including those along the Silk Road and with the Eurasian Economic Union.