On the morning of January 15, local time, the signing ceremony of the first phase of china-us economic and trade agreement was held in the east room of the White House.
In a statement from the White House on Wednesday, U.S. President Donald trump said the deal took China "an unprecedented and significant step toward a future of fair and reciprocal trade."He said he planned to visit China in the near future and meet with Chinese leader xi jinping, whom he called "a very, very good friend."
"China will open up in a larger direction," liu said, reading xi's letter. "it is in the interests of both sides to maintain a healthy and stable relationship.
Notably, U.S. trade representative Robert Lighthizer said that while the deal cuts U.S. tariffs on about $120 billion of Chinese goods to 7.5 percent, it still imposes tariffs on about $380 billion of Chinese imports.Within 30 days of the first phase of the agreement taking effect, the us will decide whether to reduce tariffs on $120bn of Chinese goods from 15 per cent to 7.5 per cent.Mr Trump said: "we will continue to impose tariffs, but if we can get to phase two, I will agree to remove them."
Experts believe that China, after nearly two years of hard negotiations, the two sides finally reached the first stage of economic agreements, embodies the principle of win-win cooperation, is beneficial to China, to the United States, but also to the world, can effectively stabilize the market expectations, stable, conforms to the interests of all parties, also accord with the great pattern of all-round opening up in China.The conclusion of the agreement has put china-us economic and trade relations back on track and set a good example for countries in the world to handle economic and trade frictions.China has always maintained that differences and frictions ultimately need to be resolved through dialogue and consultation.The signing of the agreement means that initial progress has been made in dialogue and consultation, but it is only part of the process of solving problems
It is learned that the text of the first phase of the economic and trade agreement between China and the United States includes the preamble, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, expanded trade, bilateral assessment and dispute settlement, and nine chapters of the final articles.At the same time, the two sides agreed that the us would fulfill its commitment to phase out tariffs on Chinese products and realize the transition from raising tariffs to lowering tariffs
Some analysts pointed out that in the short term, the signing of economic and trade agreements has greatly reduced the uncertainty in the economic outlook, which will boost market sentiment and be conducive to the global economic recovery.In the medium and long term, the economic and trade agreement will promote the healthy development of China's financial system and capital market, stimulate scientific and technological innovation and support China's potential economic growth in terms of greater financial openness and protection of intellectual property rights
As part of the first phase of the trade deal, China agreed to buy an additional $200bn worth of us goods over the next two years, according to the CNBC report.
China bought $186 billion worth of U.S. goods and services in 2017, and the additional $200 billion purchase is based on U.S. exports to China in 2017, the report said.Under the agreement, China will buy $77 billion in additional goods and services in 2020 and $123 billion in 2021 to meet a total demand of $200 billion.
According to the agreement, the scope of goods purchased includes four categories: industrial goods, agricultural products, energy products and services
Composition (including but not limited to) of us $200 billion of commodities:
Industrial goods (including industrial equipment, electrical equipment, pharmaceuticals, vehicles and optical instruments) : $32.9 billion in 2020 and $44.8 billion in 2021
Agricultural products (including oil seeds, meat, grains, cotton and seafood) : $12.5 billion in 2020 and $19.5 billion in 2021
Energy products (including liquefied natural gas, natural gas, liquefied butane, liquefied propane, etc.) : $18.5 billion in 2020 and $33.9 billion in 2021
Services (including study abroad travel, finance, data hosting, telecommunications, management consulting, etc.) : $12.8 billion in 2020 and $25.1 billion in 2021
Some us economists and regional administrators believe that the signing of the first phase of the economic and trade agreement between China and the us will contribute to the regional economy, china-us economy and even the global economy.
"I think the uncertainty is going to come down and capital investment is going to improve a little bit, so industrial manufacturing in the United States is likely to recover gradually and there will be a big incentive for countries that rely on capital goods exports, such as Germany, Japan and South Korea.Us economist David Goldman believes that the signing of the first phase of the trade agreement between China and the us could cool down the current trade frictions and, in addition to benefiting both countries, stimulate global economic growth
"This will have a positive effect on business sentiment and will have a positive effect on global growth forecasts for 2020 as important concerns and risks are reduced."Bruce kasman, chief economist at jpmorgan chase, said the global economy would also be better off in 2020 because of the optimism generated by the signing of the first phase of the economic and trade agreement between China and the United States.
"If the trade frictions end, China and the us will achieve a win-win situation. If the trade frictions continue, there will be no winners.The American people and the Chinese people want this to end.We can be good trading partners again."Eric Adams, President of the brooklyn borough of New York, said that the signing of the first phase of the economic and trade agreement was an important first step to normalizing the economic and trade partnership between China and the United States.
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