“Today, we are taking an important step we have never taken with China toward a future of fair and reciprocal trade with China,” Trump said at a White House ceremony. “Together, we are correcting the injustices of the past.” In a message to Trump, Chinese President Xi Jinping said the agreement was “beneficial to China, the United States and the world.” Xi also said the agreement shows that both countries can find appropriate and effective solutions to problems “on the basis of equality and mutual respect through dialogue and consultation.” House of Representatives spokeswoman Nancy Pelosi, D-Calif., said in a statement that “in the face of the loss of thousands of jobs in the processing industry and the country farm, ravaged by the damage caused by President Trump, Americans have no choice but a striking television ceremony to try to conceal the total lack of concrete progress, transparency or accountability in this “phase 1″ agreement.” And the agreement does little to solve more damaging structural problems related to China`s approach, particularly its model of subsidizing and supporting major industries that compete with U.S. companies such as solar and steel. U.S. companies accuse these economic practices of flooding the United States with cheap Chinese products. The administration has indicated that it will address some of these changes in Phase 2 of the negotiations and will partially maintain tariffs to maintain leverage for the next roundtable. Trump said he would remove all tariffs if the two sides reach an agreement in the next phase. To do so, China has agreed to publish its foreign exchange reserves and quarterly imports of goods and services, among others. However, much of what China is prepared to do is consistent with the commitments it has already made through the Group of 20 and its commitments to the International Monetary Fund. WASHINGTON (AP) – The United States and China reached a trade agreement Wednesday that eases tensions between the world`s two largest economies, offers massive export opportunities for U.S. farms and factories, and promises to do more to protect U.S.
trade secrets. “We need to make sure that this is properly implemented,” Lighthizer said. “This is the first agreement of its kind, and we need to make sure it works.” After arriving in Washington, Liu made no difference to China`s obligation to buy U.S. agricultural products and other U.S. raw materials. However, he called for a force majeure clause to be added to the agreement, providing for the two countries to consult “in the event that a natural disaster or other unpredictable and uncontrollable event delays the ability of one of the parties to meet its obligations in accordance with the timetable.” 27Number of complementary measures to facilitate the movement of people and capital between China and Hong Kong have been taken in recent months and are part of the spirit, if not the text of the agreement. Among the most important are the easing of exchange controls (raising foreign exchange exit limits for Chinese tourists travelling to Hong Kong, the possibility for Hong Kong banks to offer renminbi services) and mutual recognition of qualifications and/or the establishment of professional examinations (for architects, site managers, civil and structuring engineers, insurance agents, intellectual property consultants, etc.). This preferential treatment allows Hong Kong to position itself not only as a market for external financing of China, but as a market for the management of Chinese savings invested abroad. Mutual recognition of qualifications is a necessary condition for the effectiveness of the second phase of the EPA.