Jan 15, 2020 — As a candidate, Donald Trump told audiences that the United States was getting ripped off by the Chinese and it was costing the nation Billions of dollars annually, our jobs and costing the U.S. to lose its competitive edge to China, which forced American firms to surrender their intellectual property to China as the cost of entry into their markets.
Today, President Trump heralded a new agreement with China that he says will bring hundreds of billions in new trade to the U.S., and force China to quit asking American firms to hand over their trade secrets and intellectual property.
In the East Room of the White House, the President and China’s Vice Premier spoke about Phase One agreements that will lead to some $75 Billion in trade for US manufacturing, $50 Billion more for Agricultural products, $50 Billion in US Energy sales, $40 to $50 Billion in US Financial Services firms to operate in China, AND protections of US intellectual properties.
The United States will have the right to add more tariffs on these trade issues with China, if the US feels that China is breaking the agreement. Other tariffs remain on Chinese imports, as the President and his team continue to negotiate other issues with China on trade.
But this so-called, “Phase One” deal contained those issues that the two sides thought they were able to come to terms on in the short run, and both sides wanted to have an agreement now for both economic and political reasons.
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