The White House: progress made in “critical areas.”
The White House and the Office of the US Trade representative released details of the first phase of the agreement with China on bilateral trade.
According to the White House, progress has been made on several “critical fronts.” China has agreed to carry out structural reforms in the areas of intellectual property protection, technology transfers, agriculture, financial services, and currency exchange. In response, the US agreed to modify seriously the system of customs tariffs on Chinese imports.
The White House stressed that “we will be able to guarantee fully the implementation of this part of the agreement.”
In this regard, the White House indicated that the agreement “will have a significant positive impact on the American economy and the world economy as a whole.”
In turn, US Trade Representative Robert Lighthizer said that China has agreed in the next two years to buy 200 billion more additional American goods and services. In particular, China agreed to buy an additional $ 32 billion of American agricultural products – that is, about 16 billion more than in 2017.
The US has agreed to lower duties on some Chinese imports: the reduced rates will take effect 30 days after the signing of the agreement.
The parties also agreed to establish mechanisms for resolving trade disputes. Lighthizer called the agreement “a very, very important step forward.”