In a speech to an audience of economic and political leaders in the East Room of the White House, President Trump said the remaining tariffs would “all fall” if the talks resulted in a second agreement. He called the agreement “a step forward – a step that had never been taken with China before – towards a future of fair and reciprocal trade.” Left: U.S. President Donald Trump holds Chinese Vice Premier Liu He after signing the “phase one” of the U.S.-China trade agreement in the East Room of the White House in Washington, U.S., January 15, 2020. Photo: Kevin Lamarque/Reuters “We are optimistic that the signing of the agreement will open up some opportunities, especially for the Upper West,” she said. “But I`m also realistic enough to know, until these beans are actually sent to customers, that we can`t count our chickens until they`re hatched.” “This is a great asset to the president,” Finance Minister Steven Mnuchin told Fox News, while acknowledging that the “Phase 1” agreement did not implement all the reforms the government originally wanted. The monetary agreement contains Commitments from China to abandon competitive currency devaluations and not to steer its exchange rate towards a trade advantage – a language that China has accepted for years as part of its commitments to the Group of 20 major economies. “We mark more than just an agreement. We are marking a change in international trade,” Trump said at a signing ceremony at the White House. The Americans finally have a government that puts them first. The government agreed not to impose tariffs last month as part of the Phase 1 agreement on about $160 billion in Chinese imports, including popular consumer products such as mobile phones and laptops. It also reduced tariffs from $112 billion from 15% to 7.5%. Trump, who has made the Phase 1 agreement a pillar of his re-election campaign in 2020, said he would accept the abolition of the remaining tariffs once the two sides have negotiated a “phase 2” agreement. While U.S. President Donald Trump acknowledged the need to continue negotiations with China to resolve many other issues, he hailed the deal as a victory for the U.S.
economy and his government`s trade policy. “We mark more than just an agreement. We are marking a change in international trade,” Trump said at a noise ceremony, referring to former FBI Director James Comey, impeachment proceedings and a possible july 4 visit to Mount Rushmore for a fireworks display. The eight-part agreement serves as a ceasefire in a two-year trade war that shakes global markets and drives global growth. But it leaves U.S. tariffs on about $370 billion of Chinese goods or about three-quarters of Chinese imports to the United States. “We need to make sure that this is properly implemented,” Lighthizer said. “This is the first agreement of its kind, and we need to make sure it works.” The agreement aims to ease some U.S.
economic sanctions against China, while Beijing must strengthen the purchase of U.S. agricultural products and other products. For example, Mr. Trump cited beef, pork, poultry, seafood, rice and dairy products. “This is a strong first step,” said Jeremie Waterman, vice president of the U.S. Chamber of Commerce for Greater China. “It starts with the process of addressing some of the structural concerns, but much more needs to be done. Meat, the core (American complaints about China`s aggressive technological policy) has not yet been processed. Obviously, it will have to wait until phase 2. The government recognizes that the agreement leaves some United States unresolved.