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US, China Sign 'Phase 1' Trade Deal


Thursday, 16 January 2020 07:19 WIB

Global


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Declaring “it doesn’t get any bigger than this,” President Donald Trump, alongside Chinese Vice Premier Liu He, signed an initial deal to resolve what had been an escalating 18-month trade dispute between the world’s two largest economies.“

This is the biggest deal anybody’s ever seen,” declared Trump, who predicted it will lead to “stable peace throughout the world.”

At Wednesday’s lengthy ceremony in the White House East Room, Vice Premier Liu He read a letter from Chinese President Xi Jinping, which said “in the next step the two sides need to implement the agreement in earnest.”

Liu, in his own remarks, noted there were setbacks during the process, but negotiators for both countries did not give up.

The United States and China agreed to what they are calling the Phase 1 agreement in mid-December. It calls for China to boost its purchases of U.S. goods, halt the practice of forcing foreign companies to transfer technology, and to not manipulate its currency in order to makes its exports cheaper.

“We have a very strong standard for currency devaluation,” said Trump.

The second phase of discussions are to begin quickly and there will not be a third phase, according to the U.S. president.

Trump said China will import $200 billion worth of additional American products and services over the next two years — $50 billion of that in the agricultural sector.

Xi, in his letter, put the agricultural figure at $40 billion.

According to the text of the agreement, China pledges to buy more than $12.5 billion in U.S. agricultural products in the first year, and $19.5 billion in the second year, with the timing of purchases subject to market conditions. 

In his letter to Trump, the Chinese president also called for the United States to treat fairly Chinese companies.  

Source : VOA


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