The Chinese delegation also welcomed the pact. In a letter to Trump, Chinese President Xi Jinping said the first phase agreement was “good for China, for the United States and for the world.” He said he also showed that the two countries were capable of “acting on the basis of equality and mutual respect.” The letter was read by Beijing`s chief negotiator, Vice Premier Liu He. 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. Derek Scissors, a China expert at the American Enterprise Institute, said the trade war had already given Trump an advantage, even though he didn`t force Beijing to change its economic policy: Trump`s tariffs reduced Chinese exports to the United States and reduced America`s trade deficit with China. The deal leaves tariffs on about $360 billion in Chinese imports, with the government`s leverage hoping to generate concessions in the future. The 86-sided agreement facilitates criminal prosecution in China against those accused of stealing trade secrets. It contains provisions to prevent Chinese government officials from applying administrative and regulatory procedures to remove the trade secrets of foreign companies and to allow such information to end up in the hands of Chinese competitors. Read the nearly 100″ trade agreement between the United States and China “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 government acknowledges that the agreement has not resolved some U.S. complaints, particularly the way the Chinese government subsidizes its businesses. That was the concern expressed when Trump sparked a trade war in July 2018 by imposing tariffs on Chinese imports. U.S. trade agents said the deal would end a long-standing practice of China pressuring foreign companies to transfer the technology to Chinese companies, a precondition for market access. Lighthizer said China had also agreed to fight patent theft and counterfeit products, including forfeiture of counterfeit manufacturing machinery. Trump campaigned for the signing of trade as a way to provide economic justice to American workers, whom he claims have been betrayed by previous governments and their trade policies. “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.