In the economic and trade agreement, China promises to buy certain quantities of U.S. goods and services. Over the next two years, these order inflows will amount to $200 billion in U.S. exports above their current level. « We need to make sure that this is properly implemented, » Lighthizer said. « This is the first agreement of its kind, and we need to make sure it works. » The agreement contains some victories for President Trump, but implementing and implementing the agreement could be difficult. WASHINGTON (AP) – The United States and China reached a trade agreement Wednesday that eases tensions between the world`s two largest economies, offers massive export opportunities for U.S. farms and factories, and promises to do more to protect U.S. trade secrets.
House of Representatives spokeswoman Nancy Pelosi, D-Calif., said in a statement that « in the face of the loss of thousands of jobs in the processing industry and the country farm, ravaged by the damage caused by President Trump, Americans have no choice but a striking television ceremony to try to conceal the total lack of concrete progress, transparency or accountability in this « phase 1″ agreement. » Trump campaigned for the signing of trade as a way to provide economic justice to American workers, whom he claims have been betrayed by previous governments and their trade policies. The agreement also contains obligations, at least on paper, to stop the forced transfer of U.S. technology to Chinese competitors. Companies have long complained about having to issue valuable business secrets and technologies to do business in China. China has pledged not to require such transfers, even if companies apply for certain government licenses or authorizations. Unlike other trade agreements that generally refer disputes to a neutral third party, the United States and China have decided to develop all the problems themselves. The agreement creates bilateral dispute assessment and resolution offices to respond to and assess complaints. The agreement also includes an appeals process that will increase questions from mid-level officials to the offices of the U.S.
trade agent and the Chinese vice premier. Read the nearly 100-year trade agreement between the United States and China. Trump`s agreement is intended to facilitate the identification and punishment of theft and counterfeiting of intellectual property. For example, several provisions relating to the protection of confidential information are added, considered trade secrets and which, according to AMERICAN companies, are not well protected by Chinese law. These safeguards also include « electronic intrusions, » a reference to hacking computer systems. To date, the U.S. merchandise trade deficit over the previous year has decreased by 16% from the previous year to $321 billion. The deficit will continue to shrink if Beijing meets its commitments to buy significantly more U.S. imports. The 86-sided agreement facilitates criminal prosecution in China against those accused of stealing trade secrets.