YvonneBeaver
US Trade Representative Lighthizer said the first-phase trade deal was completed, helping to nearly double US exports to China.
"The first-phase trade deal with China has been finalized. There will be some additional translation and wording changes needed, but the deal is complete," US Trade Representative Robert Lighthizer said in an interview. interview on CBS News channel yesterday.
US Trade Representative Lighthizer in an interview on December 15 Photo: CBS News
The exact time for officials to sign the agreement is still being considered. "The deal will nearly double US exports to China in the next two years. Chinese agricultural goods purchased from the US are also expected to increase to US $ 40-50 billion during this period," Lighthizer added.
The first-phase trade agreement between Washington and Beijing was announced by US President Donald Trump on December 13 after the two sides agreed on a number of terms since October. The signing of the document is expected to take place in early May. 1/2020.
The US Trade Representative said the deal's success will depend on the decision of Beijing officials.
"Whether this entire agreement is valid or not will depend on the decision maker in China, not the United States," Lighthizer said, adding that the US expects Chinese officials to have reform ideas that are decision maker.
After reaching the first phase of the trade agreement, the US's 160 billion USD tax rate on Chinese goods, expected to take effect on December 15, will stop, the 25% tax rate with 250 billion USD of Chinese goods will be kept. At the same time, the rate of 15% with 120 billion USD of goods decreased to 7.5%. In return, Beijing agreed to buy large quantities of American farm produce and other goods and services.
The US-China trade war lasted more than a year with "tit-for-tat" taxes, causing the world's two biggest economies to harm and threaten global economic growth. The source of the conflict comes from the United States accusing Chinese trade activities of unfairly favoring domestic businesses, forcing foreign companies to transfer technology, steal intellectual property and manipulate currencies. .
