US President Donald J. Trump was joined on Wednesday by the Vice Premier of China, Liu He, in the East Room of the White House. Together, they signed a new, fully enforceable trade agreement that rebalances this vital trade partnership while boosting American businesses, farmers, manufacturers, and innovators, according to a White House statement.
“From day one, my Administration has fought tirelessly to achieve a level playing field for the American worker,” Trump said. Before he took office, Washington had long tolerated unfair trade practices that buoyed special interests while hurting U.S. working- and middle-class families.
“For years, politicians ran for office promising action to remedy these practices, only to do nothing but allow them to continue,” the President said. “Unlike those who came before me, I kept my promise . . . Now, our efforts have yielded a transformative deal that will bring tremendous benefits to both countries.”
The new agreement makes good on a number of key promises to fix trade with China:
- American-made products: To help rebalance the relationship, China has pledged to increase imports of American goods and services by at least $200 billion.
- Agriculture purchases: As part of that commitment, China will be stocking up on goods from U.S. farmers—between $40 and $50 billion worth.
- No more forced technology transfers: For the first time ever, China agreed to end its practice of forcing American companies to transfer their technology to Chinese companies as a condition for doing business there.
- Fair currency practices: Beijing has agreed to stronger commitments on its practices regarding currency devaluations and exchange rates.
The work on a phase-two deal is already underway.
“With this signing, we mark more than just an agreement. We mark a sea change in international trade. At long last, Americans have a government that puts them first at the negotiating table,” Trump said.