China And The US Agree On First Part Of Trade Deal


The first part of a new trade deal with China has been signed by President Trump and China's vice premier. During a White House event, Trump called it “a momentous first step toward more fair and reciprocal trade with China.”

Many lawmakers and business groups are skeptical, however, as tough tariffs on Chinese goods will remain in place. Still, Trump maintains that this is but "phase one" of the new trade deal with China will start "righting the wrongs of the past." He also called it “transformative.”

Among those the President says will benefit most – and fastest? The agricultural sector. According to the White House, China will spend $200-billion on American farm products as well as other goods and services over two years (that’s above the 2017 baseline of $186-billion in purchases). Trump also stressed that this deal will help protect American intellectual property, including high-tech enterprises.

Trump noted that negotiations over "phase-two" of the trade deal will begin soon. He said the U.S. has "very strong cards" in the negotiations.

Source: White House