U.s.-China Trade Agreement Text

By October 12, 2021 Uncategorized No Comments

The United States and China have reached a historic and enforceable agreement on a phase one agreement that will require structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currency. The Phase 1 agreement also includes China`s commitment to make significant additional purchases of U.S. goods and services in the coming years. It is important that the agreement creates a strong dispute settlement system that ensures swift and effective implementation and enforcement. The United States has agreed to substantially amend its Section 301 tariff measures. Trump has encouraged the signing of trade as a way to bring economic justice to American workers, whom he claims have been betrayed by previous governments and their trade policies. Recognizing the importance of their agricultural sectors, ensuring a secure and reliable supply of food and agricultural products and supporting the satisfaction of the food and agricultural demand of the peoples of the two countries, [the Contracting Parties intend to intensify cooperation in the agricultural sector, strengthen the market of each Party for food and agricultural products and increase the growth of trade in foodstuffs food and agricultural products. The deal aims to ease some U.S. economic sanctions against China, while Beijing is to step up the purchase of U.S. agricultural products and other goods. Trump cited beef, pork, poultry, seafood, rice and dairy as examples. Derek Scissors, a China specialist at the American Enterprise Institute, said the trade war has already brought Trump an advantage, even though he hasn`t forced Beijing to make big changes to its economic policy: Trump`s tariffs have reduced Chinese exports to the U.S. and reduced America`s trade deficit with China.

The agriculture chapter addresses structural barriers to trade and will support a dramatic expansion of U.S. food, agricultural and seafood exports, increase U.S. farm and fishery incomes, generate more rural activity, and boost job growth. A large number of non-tariff barriers to U.S. agriculture and seafood products are addressed, including meat and poultry, seafood, rice, dairy products, infant formula, horticultural products, animal feed and feed additives, pet food, and agricultural biotechnology products. One of the most important issues related to the negotiations with China was how an agreement would be implemented. After watching previous deals with China fail to deliver on their promise, many U.S. experts and leaders were skeptical that the Trump administration could get China to live up to the commitments it has made. . .

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