President Trump signs an initial trade deal with China that includes pledges from Beijing to more than double its purchases from American farmers in the first year.
The president said the U.S. and China are “writing the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.” He added that the deal has “total and full enforceability.”
This trade war has lasted nearly two years costing the American taxpayer around $30 billion to bail out farmers, food banks and trade groups while his tariffs have cost U.S. farmers $11 billion. However, China agrees to buy $50 billion of agricultural products this year, that’s a gain of $29B from before Trump tariffs.
The deal includes provisions to root out intellectual property theft and forced technology transfers and increase restrictions on people sending drugs over here like fentanyl, though it leaves open questions about enforcement. China will only have a month to submit an “Action Plan to strengthen intellectual property protection” which is in our benefit as they have to this.
With the agreement, China will increase purchases of U.S. manufacturing, energy and agricultural goods and services by at least $200 billion over two years. China has promised to buy an additional $12.5 billion in US agricultural products in year one, and then $19.5 billion in year two. Those commitments come atop roughly $24 billion in farm purchases that China made in 2017 before the trade war started.
“We’re leaving tariffs on, 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,” Trump said. President Trump faces impeachment as the House voted to send the article of impeachment to the Senate moments ago, either way regardless of what anyone says this is a big win for the Trump White House and our workers.