WASHINGTON -- The "phase one" US-China trade deal will nearly double US exports to China over the next two years and is "totally done" despite the need for translation and revisions to its text, US Tr
WASHINGTON -- The "phase one" US-China trade deal will nearly double US exports to China over the next two years and is "totally done" despite the need for translation and revisions to its text, US Trade Representative Robert Lighthizer said on Sunday.
The deal, announced on Friday after more than two and a half years of on-and-off negotiations between Washington and Beijing, will reduce some US tariffs on Chinese goods in exchange for increased Chinese purchases of US agricultural, manufactured and energy products by some $200 billion over the next two years.
USTR and the US Treasury said reports that US negotiators had offered to cut the tariff rate by half on all $360 billion worth of goods hit by tariffs were "utterly false". He said it would not solve all of the problems between the United States and China, because integrating China's state-dominated economic system with America's private-sector led system will take years.Lighthizer called Friday the "most momentous day in trade history" because of the China deal and because the White House sent a revised US-Mexico-Canada Agreement to Congress for approval votes. The two trade deals together cover some $2 trillion in overall trade, he said.
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