«Because the United States was willing to compromise with China and not put pressure on the most difficult issues, they were able to get positive ground,» she said. «Today`s announcement of a phase one agreement with China is another important step forward in the development of President Trump`s economic agenda. Thanks to the president`s leadership, this pioneering agreement is a breakthrough step toward a more balanced trade relationship and a level playing field for American workers and businesses,» said Treasury Secretary Steven Mnuchin. The agreement under consideration, which depends on Trump`s agreement, would suspend a planned tariff increase by October 15. It may also delay — or cancel – fees that are due to come into effect in mid-December. Such an agreement would be the first breakthrough in the 18-month trade war that has damaged the economies of both countries. «President Trump has focused on a phase one agreement that has significant and fully applicable structural changes and is beginning to rebalance U.S.-China trade relations. This unprecedented agreement achieves these very important goals and would not have been possible without the strong leadership of the president,» said U.S. Trade Representative Robert Lighthizer. The 86-language document, including U.S.
Trade Representative Robert Lighthizer, said he hoped it would be signed in China in January, contains a commitment from China to buy $200 billion in U.S. goods and up to $40 billion in agricultural products, while Beijing will make its «best efforts» to reach $50 billion. «A White House ceremony cannot hide the stark truth about China`s «Phase 1″ trade agreement: the agreement does absolutely nothing to reduce China`s subsidies to its manufacturers,» Scott Paul, president of the Alliance for American Manufacturing, which includes manufacturers and the United Steelworkers union, said in a tweet. All these «forgotten men and women» in American factories have once again been forgotten. Back in Beijing, the state-run Xinhua news agency reported that «China and the United States have agreed on the text of a first phase economic and trade agreement, based on the principle of equality and mutual respect. And the agreement still needs to be legally reviewed, translated and corrected before it can be officially signed. This process led to a previous draft agreement in May, which was eventually dismissed by the Chinese Politburo. While the limited agreement may resolve some short-term problems, some of the most difficult disputes remain unresolved. U.S.
targets in the trade war center charges of intellectual property theft, forced technology transfer and complaints about Chinese industrial subsidies. The partial deal is not expected to commit these points. This agreement represents an important turning point in U.S. trade policy and in the types of free trade agreements that the United States has generally supported.