Washington DC | Jagran News Desk: After 18 months of trade war between the two economic giants, the US and China on Wednesday signed the first phase of trade deal that will roll back some tariffs and boost Chinese purchase of US goods and services.
The first phase of the trade deal between the two countries include Intellection Property (IP) Protection and Enforcement, ending the forced technology transfer, dramatic expansion of American agricultural, ending currency manipulations, removing barriers to American financial services and rebalancing the US-China trade relationship and effective dispute resolution.
US President Donald Trump described the deal as ‘historic’ and called the signing of agreement “a momentous step... to a future of fair and reciprocal trade”. The deal was signed by President Donald Trump and Chinese Vice Premier Liu He.
Chinese Vice Premier Liu He has led the Beijing’s negotiations with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
“Today, we take a momentous step, one that's never taken before with China that will ensure fair and reciprocal trade,” the US President told reporters at the White House while signing of the agreement.
“Together, we are righting the wrongs of the past,” he added.
The US President also thanked Chinese leader Xi Jinping and said he would visit China in “the not-too-distant future.”
“Negotiations were tough on us,” Trump said, but they led “to this really incredible breakthrough.”
Trump, however, added that the US will end tariff only “if we're able to do phase two.” “I'm leaving them on. Otherwise we have no cards to negotiate with,” Trump said.