Chinese Vice Premier Liu He, who signed the agreement for Beijing, spoke of the need for the two countries to act together to address challenges such as terrorism, aging and environmental protection. Trump, who touted the Phase 1 deal as a pillar of his 2020 re-election campaign, said he would agree to remove the remaining tariffs once the two sides negotiate a “phase 2” deal. Nevertheless, the Phase 1 deal did not resolve Washington`s fundamental differences with Beijing, which needs massive state intervention in the economy to turn China into a technological power. The trade agreement contains neither neodymium nor Praseodym, the two most frequently used types of rare earths, also produced mainly by China. House spokeswoman Nancy Pelosi, D-Calif, said in a statement that “with the economy losing thousands of manufacturing jobs and farm country stumbling from the damage caused by President Trump, Americans have nothing but a striking televised ceremony to try to hide the total lack of concrete progress, transparency or accountability in this `phase one` deal.” “We are optimistic that the signing of the agreement will open up some possibilities, especially for the Upper Midwest,” she said. “But I`m also realistic enough to know until these beans are actually delivered to customers, that we can`t count our chickens before they hatch.” President Trump and Vice Premier Liu He, China`s chief trade negotiator, will sign a “Phase 1” trade deal between the United States and China at the White House on Wednesday. Saul Loeb/AFP via getty Images Hide Getty Images caption The government acknowledges that the deal leaves some U.S. deals unresolved. Complaints – especially the way the Chinese government subsidizes their companies.

This is the concern that was expressed when Trump unleashed a trade war in July 2018 by imposing tariffs on Chinese imports. A senior Trump administration official said the monetary deal was based on provisions of the U.S.-Mexico-Canada trade deal that require the three countries to disclose monthly data on international reserve balances and foreign exchange market interventions, as well as quarterly balance of payments data and other public reports to the International Monetary Fund. “This deal will work if China wants it to work,” U.S. Trade Representative Robert Lighthizer said. “They expect it to be applied to the letter.” “We are marking more than an agreement. We are marking a change in international trade,” Trump said at a signing ceremony at the White House. Finally, Americans have a government that puts them first. Speaking to an audience of economic and political leaders in the White House`s East Room, President Trump said the remaining tariffs “will all be uncrossed” if the talks result in a second deal. He called the agreement “an important step – which has never been done before with China – towards a future of fair and reciprocal trade.” While acknowledging the need to continue negotiations with China to resolve many other issues, U.S. President Donald Trump hailed the deal as an asset to the U.S. economy and his government`s trade policy. “We need to make sure this is properly implemented,” Lighthizer said.

“This is the first deal of its kind, and we need to make sure it works.” U.S. trade officials said the deal would end a long practice in which China pressures foreign companies to transfer the technology to Chinese companies as a precondition for market access. Lighthizer said China has also agreed to fight patent theft and counterfeit products, which would involve the loss of machinery to make counterfeit products. . . .