China cannot impose retaliatory duties if the United States opposes the agreement because it violates the terms of the agreement, according to a senior government official who told reporters after the signing that Beijing`s only option would be to abandon the agreement. It is a comprehensive agreement. After its signing, China will work with the United States – in principle of equality and mutual respect – in strict compliance with the agreement, taking into account the essential concerns of the other and ensuring the proper implementation of the trade agreement of the first phase. This is an urgent need and will also play an important role in the growth of bilateral economic and trade relations in the future. I would also like to thank the American principles, our two economic teams and all those who contributed to this trade agreement of the first phase. Trump touted the deal as a blessing for American farmers, who have been particularly affected by the trade war. The president said last month that China had agreed to increase U.S. agricultural purchases “pretty quickly” to $50 billion and advised U.S. farmers to “receive bigger tractors” to meet expected demand growth. “I think that means it`s a more limited agreement that doesn`t address any of the big structural issues with China,” Hillman said. “It is clear that there are none of the structural reforms at the centre of our concerns about why we started this trade war, as China is becoming less market-oriented and increasingly state-controlled.” The economic and trade agreement of the first phase addresses certain of China`s actions, policies and practices identified in the Section 301 study on technology transfer, intellectual property and innovation. The agreement begins to rebalance our trade relations and achieves sound and fully applicable commitments to solve structural problems.
Under this agreement, technology transfers and licenses will be based on fully voluntary market conditions that reflect mutual consent. As I said in our telephone call on December 20, the conclusion of the first phase trade agreement between China and the United States is a good thing for China, for the United States and for the world. “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.Â The Americans finally have a government that puts them first.Â Duncanson estimates that their soybean crop lost 30-40% of their value during the trade war, due to low prices and lack of Chinese demand. This loss was only partially offset by federal aid to the farmers involved. Duncanson hopes for a takeover once the trade agreement is signed. This agreement will benefit both the United States and China. I am grateful to the President for allowing me to participate in this plan. I am grateful to Secretary Mnuchin, my friend, with whom I have worked so closely on these and so many other issues. President Trump and Vice Premier Liu He, China`s chief trade negotiator, will sign a phase 1 trade agreement between the United States and China at the White House on Wednesday. Saul Loeb/AFP via Getty Images conceals caption: “This is a great asset to the president,” Treasury Secretary Steven Mnuchin told Fox News, while acknowledging that the “Phase 1” agreement did not beat all the reforms the government was originally seeking.
MNUCHIN: Thank you very much. Mr President, Mr Vice-President, under your leadership, this government`s economic policy is working. Tax cuts, regulatory relief and now major trade agreements are strengthening the U.S. economy and helping U.S. businesses, workers and farmers. President Trump and Chinese Vice Premier Liu He signed a long-awaited “phase one” agreement in the White House on Wednesday, but not before the president questions seemingly inconsistent issues.