Trump signs the first 'historic' phase of China's trade agreement amid tariff war

Donald Trump signed a “phase one” trade agreement with China in the White House as part of an apparent decrease in tensions between Washington and Beijing after the two exchanged retaliatory tariffs last year.

The president signed the agreement with China’s deputy prime minister, Liu He, during a ceremony on Wednesday, and described it as a “historic” agreement that would benefit American farmers.

The first phase agreement comes when, according to reports, the Trump administration agreed to suspend new tariffs against Beijing in exchange for China buying goods and services worth $ 200 billion (£ 153.5 billion) in the country during The next two years.

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Meanwhile, Beijing agreed to increase its purchases of soybeans to US farmers after the industry was severely hampered by the trade dispute.

Trump on Wednesday described China’s intellectual property theft and commercial problems with Beijing as “big problems” that undermined the United States, its economy and the US agricultural industry.

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Orange juice, which Florida is known for, will soon be subject to import tariffs

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The EU lists “footwear with rubber or plastic soles and plastic tops” among the products that will soon be subject to import tariffs

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Cosmetic products, such as the US brands Maybelline, MAC and Avon, will soon be subject to import tariffs.

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Jeans, totally American pants, are on the list of EU products that may be subject to import tariffs

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Bourbon whiskey is on the EU list of more than 100 US products that may be subject to import tariffs

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Peanut Butter Products from the USA UU. They are on the list of EU products that will soon be subject to tariffs

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US motorcycles, such as Harley-Davidson, will soon be subject to import tariffs

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Cranberry products, a major export of US crops. UU., Soon they can become more expensive

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All tobacco products are on the EU list of US products that may be subject to import tariffs.

AFP / Getty Images

1/9

Orange juice, which Florida is known for, will soon be subject to import tariffs

fake images

2/9

The EU lists “footwear with rubber or plastic soles and plastic tops” among the products that will soon be subject to import tariffs

fake images

3/9

Cosmetic products, such as the US brands Maybelline, MAC and Avon, will soon be subject to import tariffs.

Getty Images for Rebekka Ruetz

4/9

Jeans, totally American pants, are on the list of EU products that may be subject to import tariffs

fake images

5/9

Bourbon whiskey is on the EU list of more than 100 US products that may be subject to import tariffs

Getty

6/9

Peanut Butter Products from the USA UU. They are on the list of EU products that will soon be subject to tariffs

fake images

7/9

US motorcycles, such as Harley-Davidson, will soon be subject to import tariffs

fake images

8/9

Cranberry products, a major export of US crops. UU., Soon they can become more expensive

fake images

9/9

All tobacco products are on the EU list of US products that may be subject to import tariffs.

AFP / Getty Images

“Now our efforts have given a transformative agreement,” the president said. “The agreement we signed today includes innovative provisions of profound importance to the United States: protecting intellectual property.”

He also said that the “cautious” agreement has been subject to unfair criticism by the Democrats, who, according to him, were carrying out a “hoax” of a political trial process and were unaware of the details of the agreement that his administration made with Beijing

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The agreement was concluded by Republicans like Deb Fischer, a senator from Nebraska who said the agreement was “positive news” for the farmers and ranchers in his state.

Even so, the agreement has been the subject of widespread criticism by analysts who say that recently to reduce China’s subsidies to its own manufacturers.

Former Vice President Joe Biden said in a statement that “China is the big winner” in the phase one agreement, according to a statement his presidential campaign launched on Wednesday.

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“True to form, Trump is getting very little in exchange for the significant pain and uncertainty he has imposed on our economy, farmers and workers,” the 2020 candidate told Bloomberg News in the statement.

“It is not surprising that Trump does not want the American people to see the text of the agreement until after his signature,” he added. “No one should be fooled by Trump’s empty promises to deliver a meaningful ‘phase two’ agreement.”

Trump said he expected to work in phase two of the agreement, saying that “it will lead to an even greater world peace.”

The president also said he expected the second phase of the agreement to complete trade negotiations between the United States and China, and said it could lead to an “unprecedented” future relationship between the two countries.

A member of the Chinese negotiating team read a letter from Chinese President Xi JinPing, describing the phase one agreement as “good for China, good for the United States and good for the world.”

“In the next step, both parties must implement the agreement seriously,” the letter said. “Maintaining a healthy and steady growth of relations between China and the United States … requires an effort from both sides.”

The letter continued: “In that spirit, I hope that the US side treats quite Chinese companies … China is prepared to work with the United States in that direction and I will keep in close contact with you personally.”

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