United States and China are signing this Wednesday in Washington your highly anticipated 'Phase 1' commercial agreement. The pact implies that Washington will not apply more tariffs to Chinese imports (those planned for December did not enter into force) and that Beijing will buy more American products, especially agricultural. The act is being held at the White House.
Investors Wall street, which is listed on record highs, want to know the details of the agreement to gauge its possible effect on the growth of the world trade during 2020.
Trump has said that "technology transfers will be made using market rules", an issue that has caused strong disagreements during the negotiating process. China has also committed itself to a major opening of its economy for American companies to increase competition in their territory.
The secretary of the Treasury, Steven Mnuchin, has confirmed that the tariffs currently in force will not be lowered until the second phase of the agreement is signed (something that is not foreseen until after the presidential elections of November).
"As in this agreement there were certain withdrawals, in phase two there will be additional withdrawals," Mnuchin confirmed. He has also added that "phase two can be 2A, 2B, 2C"and that" the first step is to really focus on the implementation of the agreement, which gives China a great incentive to return to the table and solve the additional problems that are still pending. "
President Trump has thanked his Chinese counterpart, Xi Jinping, his willingness to reach an agreement, despite the fact that the top Chinese leader has not attended the meeting. Instead, you have sent to Liu he, Deputy Prime Minister, considered the number 3 of the communist regime and that has led the entire negotiating process.
For his part, the American vice president, Mike Pence, commented that it is "a new stage in trade relations between China and the US". Trump has also commented that from now on trade with China "it will be more fair", in a climate of great cordiality with the Chinese delegation.
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