USA and China seal the “commercial peace” agreement
Both nations committed themselves, through an agreement reached between President Donald Trump and Deputy Prime Minister Liu He, to carry out the first phase of this process without any stumbling block
The president of the United States, Donald Trump, and the vice prime minister of China, Liu He, formally signed the commercial peace between both powers in the White House with ‘Phase 1’ of the agreement between Washington and Beijing.
This agreement, which had been pending for several weeks, will be the beginning of a “fair and reciprocal trade” between the two countries.
As specified by the US president, under the terms of this agreement, China has pledged to increase its imports of US goods by more than $ 200 billion over the next two years. Specifically, Beijing will import an additional $ 75,000 million in manufactured goods, $ 50,000 million in energy, an additional $ 50,000 million in agricultural products and between $ 40,000 and $ 50,000 million in services, including financial services.
Trump said that during this first phase of the agreement, tariffs on Chinese imports imposed during the trade war with Beijing will not be modified.
“We have agreed to remove tariffs if we achieve a ‘Phase 2‘. We will keep them because otherwise we would not have instruments to negotiate,” said the US president.
During the agreement signing ceremony, Liu He read a letter that Chinese President Xi Jinping sent to Trump: “The conclusion of ‘Phase 1’ is good for the United States, for China and for the whole world.”
Likewise, Xi has pointed out that he “expects” that the United States treat “Chinese companies” fairly. In recent months, Washington has raised vetoes and openly criticized technology firms such as Huawei or ZTE.
This first commercial phase will generate “stable growth” and “promote world peace and prosperity,” according to the Chinese vice premier.
Source: Voz de América