'Righting wrongs'
At a signing ceremony in Washington, attended by top Republican donors and business leaders, Mr Trump said the deal sets the stage for a stronger relationship between the US and China. "Together we are righting the wrongs of the past and delivering a future of economic justice and security," he said. "Far beyond even this deal, it's going to lead to an even stronger world peace," he added.What's in the deal?
- China has committed to increasing its US imports by at least $200bn over 2017 levels, boosting purchases of agriculture by $32bn, manufacturing by $78bn, energy by $52bn and services by $38bn.
- China has agreed to take more action against counterfeiting and make it easier for companies to pursue legal action over trade secret theft
- The US will maintain up to 25% tariffs on an estimated $360bn worth of Chinese goods; China, which has levied new tariffs on $100bn worth of US products, is also expected to maintain the majority of them
'Incremental progress'
Mr Trump has said the accord signed on Wednesday is a "phase one" agreement and promised that the administration will take up other issues - such as China's state subsidies - in future negotiations. The US accuses China of "unfair" business practices, such as providing subsidies for domestic businesses and administrative rules that have made it difficult for US firms to operate in the country. Mr Trump has defended maintaining the bulk of the tariffs, saying they will provide leverage in future talks. But US business groups and analysts expressed concern. "While Phase One makes incremental progress, it remains to be seen whether it will deliver any meaningful relief for farmers like me," said Michelle Erickson-Jones, a Montana wheat farmer, who is affiliated with the lobby group Farmers for Free Trade. "The promises of lofty purchases are encouraging but farmers like me will believe it when we see it." Charles Kane, a lecturer at the MIT Sloan School of Management, said Mr Trump sees China as a useful political scapegoat, making any serious negotiation unlikely until after the November presidential election. "He's using [the trade war] as a political weapon," Mr Kane said.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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