Trump’s U.S – China Deal Phase I is Done! – Trump’s White House – Signed: 1/15/2020

“From day one, my Administration has fought tirelessly to achieve a level playing field for the American worker” President Donald J. Trump

Link to entire President Trump Remarks at signing of U.S. China Trade Deal

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.

Source:  The White House

President Trump Promised he would work on a China Deal.  He kept his promise, he just signed it.  #PromisesMade #PromisesKept

 

LARRY KUDLOW BREAKS DOWN THE IMPLICATIONS OF THE TRUMP U.S. & CHINA DEAL

 

  • This is the best moment for China and U.S. Relations ever
  • President Trump said he believes it is Phase I that is though.
  • Phase II will come much more easily because we signed Phase I.
  • This is an enforceable achievement.
  • The ground covered on Phase I is “ENORMOUS”.
  • The IP changes in Phase I is there
  • $75 billion of Manufacturing in additional American exports
  • $50 Billions of Energy – Coal/Gas/L&G will be sold
  • $40 Billion in Services – Financial
  • Farm Commodities
  • $40-50 Billion increase in farming each year
  • WE have export control regarding 5G, Huawei cannot have control.
  • Commerce Department is putting export controls and restrictions
  • (Joint Venture Theft) Whichever insurance, bank, investment firm is involved will own 100% of the company.  The joint venture problem that used to force transfer of technology to China is now changed.
  • Counsel of Economic Advisors said that the U.S. China Deal will add .50 a point to GDP.  We will be transitioning to 3% GDP.
  • Will benefit U.S. Income
  • Will Benefit U.S. Agriculture
  • Will benefit jobs, another half million new U.S jobs
  • Will benefit U.S. technology
  • The biggest hill was getting Phase I, never done before
  • We will move into Phase II, immediately
  • Phase II toughest will be getting rid of UNFAIR PRACTICES regarding FORCED TRANSFERS OF TECHNOLOGY
  • IP theft, Intellectual Property Theft has really strong strictures.  Chinese law changes, civil and criminal procedures changes to be enforced.
  • Phase II will include licensing and subsidies, unlawful forced transfer of subsidies will also be part of this phase.

Kudlow said that Phase I has never been done before.  It has opened the door to more things. Getting this done on paper covers so much ground.  The economy is growing 2.6% because we got hurt with Boeing.

President Trump has Lunch with the Vice Premier of the People’s Republic of China

State Dining Room

1:30 P.M. EST

VICE PREMIER LIU: (As interpreted.) (In progress) — to do this in a phased fashion.

PRESIDENT TRUMP: I thought that we would do it the way other; that the more I thought about this, the better it is. It’s — you can get your arms around it better the way we’ve got it. I like it better the way we’ve done it.

I just want to say this is a great day for both China and the United States. This is an agreement that people have been talking about for 40 years and never were able to get even a piece of paper signed. And we never had an agreement. And this is going to be a great agreement for both countries. It’s far greater than $200 billion, and it’ll grow every year. It also unifies the countries.

And President Xi has been so nice as to talk about other things having to do — outside of the agreement — such as fentanyl; we’re working on that.

We’re going to be working very closely together on North Korea. And as I said inside, it’s like a world-class chess match or poker match. We are going to work together, and we’re going to work together for the benefit of our countries, but also, very importantly, for the benefit of the world.

So this is very big day for the United States. This is a very big day for China. This is a day that nobody thought could happen, and it did happen. So it’s my honor to be here.

And I have to say, Mr. Vice Premier, it’s been a great honor to become your friend. Thank you very much.

VICE PREMIER LIU: Thank you.

(As interpreted.) Mr. President, I very much agree with your words. This is an agreement that is good for China, good for the United States, and good for the whole world.

Well, the agreement is an economic and trade agreement, but its implication goes far beyond the economic and trade field. The world today is full of uncertainties. And with this agreement, I believe it will be something that is conducive to world peace and prosperity.

Thank you very much, Mr. President.

PRESIDENT TRUMP: Thank you very much. And it’s a great honor to have you. Please. Thank you.

Q Mr. President, can we ask some questions?

PRESIDENT TRUMP: Thank you very much everybody. Thank you very much. Thank you. Thank you.

Q What is your vision for future U.S.-China relations?

PRESIDENT TRUMP: Great. Great relationship.

Q Thank you.

PRESIDENT TRUMP: We have a great relationship. Could not be better. I would say the highest, the best that’s it has ever been between China and the United States. Our relationship is great both on trade and even in military cooperation. This will lead to so many other things. So we have a great — really, well-knit relationship, but the best it’s ever been.

You have to remember, we’ve never had an agreement; this was like a free-for-all. This is a great agreement, and phase two will start soon.

But this was far more comprehensive than anybody thought or knew about in the press, because it covers so many other subjects, from intellectual property to currency to so many different things. So nobody knew that. Nobody really understood the deal until today, when we released it. So it’s a much bigger deal than people thought. It’s a tremendous step toward an unbelievable relationship.

But, right now, our relationship with China is the best it’s ever been.

Thank you all very much.

Q When will you visit China, Mr. President?

PRESIDENT TRUMP: Soon. Soon.

END

1:36 P.M. EST

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