US president Donald Trump on Wednesday signed the first phase of a trade deal with China, skyrocketing US stock markets in the process.
Trump, who made placing tariffs on China for manipulating their currency, stealing intellectual property and cheating the US on Trade finally got his wish of a new trade deal with China after almost two years long trade war that has hurt U.S. farmers and created a haul on global economic growth.
“We’re leaving tariffs on which, people were shocked, but it’s great,” the president said.
“But I will agree to take those tariffs off if we are able to do Phase Two. In other words, we’re negotiating with the tariffs.”
“With this signing, we mark more than just an agreement, we mark a transformation in international trade,”
“The us recognizes the importance of intellectual property protection,” the agreement says. “China recognizes the importance of building and implementing a comprehensive legal system of intellectual property protection and enforcement because it transforms from a significant intellectual property consumer to a significant intellectual property producer. China believes that enhancing intellectual property protection and enforcement is within the interest of building an innovative country, growing innovation-driven enterprises, and promoting high quality economic growth.”
The agreement between both nations addresses intellectual property protection and enforcement, ending forced technology transfer, ending currency manipulation, re-balancing the U.S.-China trade relationship, and ensures the Chinese also will be buying up to $200 billion in U.S. goods, including agricultural products like soybeans and pork, offering some relief to U.S. farmers who are the foremost suffering from the trade war.