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First Phase Agreement

“We mark more than just an agreement. We are marking a change in international trade,” Trump said at a noise ceremony, referring to former FBI Director James Comey, impeachment proceedings and a possible july 4 visit to Mount Rushmore for a fireworks display. The government acknowledges that the agreement has not resolved some U.S. complaints, particularly the way the Chinese government subsidizes its businesses. That was the concern expressed when Trump sparked a trade war in July 2018 by imposing tariffs on Chinese imports. Read the nearly 100-sided U.S.-China trade agreement “This is a great asset to the president,” Treasury Secretary Steven Mnuchin told Fox News, while acknowledging that the “Phase 1″ agreement does not produce all the reforms originally sought by the government. “That`s not all,” he acknowledged. “There will be a phase two. But this is the first time we have a comprehensive agreement with China.¬†While the agreement leaves major economic disputes between the two countries unresolved, Lovely said the 18-month trade war had allowed both sides to send a message. The monetary agreement contains Commitments from China to abandon competitive currency devaluations and not to steer its exchange rate towards a trade advantage – a language that China has accepted for years as part of its commitments to the Group of 20 major economies. “We are optimistic that the signing of the agreement will again open up some opportunities, especially for the Upper West,” she said. “But I`m also realistic enough to know, until these beans are actually sent to customers, that we can`t count our chickens until they`re hatched.” Former U.S. Vice President Joe Biden, who is a leading Democratic presidential candidate, said China was the big winner of Trump`s “phase one” deal with Beijing.

“This historic agreement implies an important commitment by China to undertake significant reforms in many critical areas and to make significant additional purchases of U.S. goods and services in the years to come,” the White House said. The agreement was signed before Mike Pence, several of his cabinet colleagues, including Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, as well as senior officials. The 86-sided agreement facilitates criminal prosecution in China against those accused of stealing trade secrets. It contains provisions to prevent Chinese government officials from applying administrative and regulatory procedures to remove the trade secrets of foreign companies and to allow such information to end up in the hands of Chinese competitors. The Chinese delegation also welcomed the pact. In a letter to Trump, Chinese President Xi Jinping said the first phase agreement was “good for China, good for the United States.