Today, we are taking an important step that has never been taken with China towards a future of fair and reciprocal trade, as we sign the first phase of the historic U.S.-China trade agreement. Together, we are correcting the injustice of the past and ensuring a future of economic justice and security for American workers, farmers, and families. And it will be a great deal for both countries. That`s well over $200 billion and it`s going to grow every year. It also unites countries. The pact aims to open Chinese markets to more U.S. companies, increase agricultural and energy exports, and improve the protection of U.S. technologies and trade secrets. China has pledged to buy an additional $200 billion in U.S. goods and services by 2021 and is expected to ease some of the tariffs it has imposed on U.S. goods. Wendy Cutler, vice president at the Asia Society Policy Institute, which negotiated trade pacts for the Obama administration, called the benefits “meaningful, but modest.” The government acknowledges that the agreement does not leave an answer to some U.S. complaints, including how the Chinese government subsidizes its companies.
This is the concern that was expressed when Trump unleashed a trade war in July 2018 by imposing tariffs on Chinese imports. But Mr Trump has already passed the deadline for a new deal after the November election and there is deep skepticism about the prospect of the two countries reaching a new deal in the near future. The deal ends more than two years of tense negotiations and threats of escalation that sometimes seemed destined to plunge the United States and China into permanent economic warfare. Lord. Trump, who ran for president in 2016 promising to crack down China, urged his negotiators to rewrite trade terms he said had destroyed American industry and jobs, and he imposed record tariffs on Chinese goods in a game of chance to get Beijing to meet its demands. “Today, we are taking an important step that has never been taken with China towards a future of fair and reciprocal trade with China,” Trump said at a White House ceremony. “Together, we are correcting the injustice of the past.” But the agreement preserves most of the tariffs imposed by Mr.