By Katie Pavlich |Townhall.Com
Source: (AP Photo/Andy Wong, File)
President Trump has locked down a phase one
trade deal with China. He made the official announcement Friday morning.
“We have agreed to a very large Phase One
Deal with China. They have agreed to many structural changes and massive
purchases of Agricultural Product, Energy, and Manufactured Goods, plus much
more.
The 25% Tariffs will remain as is, with 7 1/2% put on much of the
remainder. The Penalty Tariffs set for December 15th will not be charged
because of the fact that we made the deal. We will begin negotiations on the
Phase Two Deal immediately, rather than waiting until after the 2020 Election.
This is an amazing deal for all. Thank you!” President Trump said.
NEW: The U.S. and China
have agreed on a trade deal that requires structural reforms to China’s
economic and trade regime in the areas of intellectual property, technology
transfer, agriculture, financial services, and currency and foreign exchange. The deal also includes a
commitment by China to future purchases of U.S. goods and services, plus—very
important—a strong dispute resolution system that ensures prompt and effective
implementation and enforcement.
In statements about the announcement, Trump
administration officials are stressing the enforceable aspect of the deal given
China's history of lying and cheating.
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“Today’s announcement of a Phase One agreement with China is another significant step forward in advancing President Trump’s economic agenda. Thanks to the President’s leadership, this landmark agreement marks critical progress toward a more balanced trade relationship and a more level playing field for American workers and companies," Treasury Secretary Steve Mnuchin said.
“President Trump has focused on concluding a
Phase One agreement that achieves meaningful, fully-enforceable structural
changes and begins rebalancing the U.S.-China trade relationship. This
unprecedented agreement accomplishes those very significant goals and would not
have been possible without the President’s strong leadership,” U.S. Trade
Representative Bob Lighthizer added.
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The announcement is being welcomed by Wall
Street and lawmakers on Capitol Hill.
“As Iowa’s fourth largest trading partner,
China is a critically important market for our farmers and manufacturers. I’m
glad to see there will be no new tariffs going into effect this week. China has
been a bad actor for years, and this president has consistently stood up to
their harmful trade tactics and worked to get a good deal in place, one that
will especially benefit Iowa agriculture. I’m grateful to President Trump and
his administration for their commitment to securing a phase one deal. It’s time
for China to follow through," Iowa Republican Senator Joni Ernst released
in a statement.
