(White House Press Release, January 15, 2020)
The White House released the following Fact Sheet on President Donald J. Trump signing the Phase One Trade Agreement with China:
President Donald J. Trump is Signing a Landmark Phase One Trade Agreement with China
Economy & Jobs Issued on: January 15, 2020
“From day one, my Administration has fought tirelessly to achieve a level playing field for the American worker.” – President Donald J. Trump
SIGNING A LANDMARK PHASE ONE TRADE AGREEMENT: Today, President Trump is signing a new, fully-enforceable Phase One Trade Agreement with China.
President Trump is making good on his promise to fix the failed policies of the past and deliver fairer trade for the United States.
This historic agreement will begin to rebalance our vital trade partnership with China and benefit both of our countries.
The signing of this agreement will be an incredible boost for American businesses, farmers, manufacturers, and innovators.
ENACTING CRITICAL REFORMS: China has agreed to make significant structural reforms in a wide range of critical areas.
This agreement will help level the playing field for America’s innovators to compete and win.
Importantly, the reforms included in the agreement are fully enforceable and include a strong dispute resolution system to ensure effective implementation and enforcement.
For the first time in any trade agreement, China agreed to end its practice of forcing foreign companies to transfer their technology to Chinese companies in order to gain market access.
China will address numerous longstanding intellectual property concerns in the areas of trade secrets, trademarks, enforcement against pirated and counterfeit goods, and more.
China agreed to strong commitments on currency practices regarding currency devaluations and exchange rates.
The agreement addresses a wide range of trade and investment barriers that have prevented American financial services companies from being able to compete in China.
The agreement addresses structural barriers that have unfairly limited United States food and agricultural exports.
- The agreement includes significant commitments by China on accepting United States agricultural biotechnology products.
REBALANCING TRADE: This agreement will begin rebalancing our trade relationship with China and provide new opportunity for American businesses and farmers.
As a part of the new agreement, China has pledged to increase imports of American goods and services by at least $200 billion.
- China’s increase in United States imports will take place over the next 2 years, and the trajectory is expected to continue even after 2021.
- This increase will make important progress in rebalancing the United States-China trade relationship.
China will be making purchases of United States manufactured goods, agriculture, energy, and services under this deal.
China has agreed to purchase between $40 and $50 billion in American agricultural goods each year for two years – providing a massive boost to America’s hardworking farmers.
See below for a video of the signing ceremony for ‘phase one’ of the China trade deal: