U.s.-China Trade Agreement Phase 1 Pdf

U.S. Trade Representative Robert Lighthizer said work on the follow-up negotiations would depend on how China fulfills the commitments made at the beginning. „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.“ 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. The deal brings into force tariffs on Chinese imports worth about $360 billion, which the government hopes will generate future concessions. The Chinese delegation also welcomed the pact. Chinese leader Xi Jinping said in a letter to Trump that the first-phase deal was „good for China, good for the United States.“ and for the whole world. He said it also showed that both countries have the capacity to act „on the basis of equality and mutual respect.“ The letter was read by Beijing`s chief negotiator, Vice Premier Liu He. So far, the U.S.

merchandise trade deficit with China has narrowed this year by 16 percent, or $US 62 billion, to $US 321 billion from last year. The deficit will continue to shrink if Beijing keeps its commitments to buy a significantly larger number of U.S. imports. The agriculture chapter addresses structural barriers to trade and will support a dramatic expansion of U.S. food, agricultural and seafood exports, increase U.S. farm and fishery incomes, generate more rural activity, and boost job growth. A large number of non-tariff barriers for U.S. agriculture and seafood products are addressed, including meat, poultry, seafood, rice, dairy, infant formula, horticultural products, animal feed and feed additives, pet food, and agricultural biotechnology products. Derek Scissors, a China specialist at the American Enterprise Institute, said the trade war has already brought Trump an advantage, even though he hasn`t forced Beijing to make big changes to its economic policy: Trump`s tariffs have reduced Chinese exports to the U.S. and reduced America`s trade deficit with China. The deal aims to ease some U.S.

economic sanctions against China, while Beijing is to step up the purchase of U.S. agricultural products and other goods. Trump cited beef, pork, poultry, seafood, rice and dairy as examples. The United States and China have reached a historic and enforceable agreement on a phase one agreement that requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and currency. . . .