The United States and China signed a historic “phase one” international trade agreement Wednesday; ending months of speculation over a potential trade war between the world’s two largest economies.
“The pact, detailed in a 94-page document, is only the initial phase of a broader deal that Trump has said may come in as many as three sections,” reports Fox News.
JUST IN: President Trump officially signs the “phase one” China trade deal, calling it a “momentous step toward a future of fair and reciprocal trade with China.” https://t.co/cS64Kpo0XB pic.twitter.com/4phpahKwTx
— CNBC (@CNBC) January 15, 2020
“Together, we are writing the wrongs of the past,” said the President at the signing ceremony. “It doesn’t get any bigger than this.”
“The agreement, which was first reported on Dec. 12, includes commitments from Beijing to halt intellectual property theft, refrain from currency manipulation, cooperate in financial services and purchase more than $200 billion of U.S. products over the next two years,” adds Fox.
This is a developing story. Check back for updates.
AMERICA FIRST: The President Says Country’s with Unfair Trade Deals Will be ‘TARIFFED’
President Trump doubled-down on his administration’s aggressive international trade policies Monday; saying nations with unfair trade deals will be “tariffed” in the coming weeks.
The Commander-in-Chief praised the international tax on social media just days after threatening China with a new round of tariffs, adding “Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
The President’s comments come after he threatened China and other countries with upwards of $250 billion tariffs on foreign-produced goods, including aluminum, steel, and other raw materials.
BEIJING BLACKLIST: China Unveils New TAXES on US GOODS After Trump’s Tariff
The Chinese government unveiled stiff new taxes on specific US products and goods this week; calling the revised policies a direct “retaliation” for President Trump’s recent tariffs on international steel and aluminum.
According to CBS News, Beijing rolled-out the increased import tariffs on American meat, fruit, and other goods Monday; adding the measures would go into effect immediately.
The new guidelines include a 25% tax on pork and other meats and a 15% tax on fruits and vegetables.
The move comes just days after President Trump slammed the Chinese government with nearly $50 billion in tariffs over what US officials described as “unfair” trade policies and “illegal” theft of intellectual property rights for decades.
“We have spoken to China and we are in the midst of a very large negotiation,” said the President last week. “We will see where it takes us. In the meantime, we are sending a Section 301 action.”
President Trump routinely slammed America’s import deficit with China and other nations throughout the 2016 race for the White House; saying world leaders were “smarter” than his predecessors in negotiating “terrible” trade deals.