China Confirms Agreement on Phase One of Trade Deal with U.S.

Dec. 13, 2019 (EIRNS)—China’s Commerce Ministry has confirmed that the U.S. and China reached agreement on phase one of a trade deal, which Xinhua said was “based on the principle of equality and mutual respect.” They report that the deal has sections on intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, trade expansion, bilateral assessment and dispute settlement.

“Both sides have reached consensus that the U.S. side will fulfill its commitments to phase out its additional tariffs on Chinese products, so as to achieve a switch from hiking to cutting additional tariffs,” Xinhua reports.

As to the signing, Xinhua says, “Both sides have agreed to complete their necessary procedures including legal review, translation and proofreading as soon as possible, and discuss the detailed arrangements for officially signing the agreement.”

President Donald Trump’s tweet this morning reads:

“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!”