US, China set to sign vital trade truce

China Tariffs to Stay Put Until After U.S. Vote Despite Deal

Trump To Sign 'Phase One' China Trade Deal, But Most Tariffs Remain In Place

But the trade expert with the Peterson Institute for International Economics, cautioned that "we will continue to see the impact of this in slower investment and higher business costs".

Senate Minority Leader Charles E. Schumer said he fears that Mr. Trump is taking "the easy way out" and settling for a weak deal because of the looming presidential election in November. And typically, those with a direct interest - business groups, farmers, lawmakers, trade lawyers - have the chance to run a fine-tooth comb through every detail.

Mr Xi also told Mr Trump in the letter that he is willing to stay in close touch with the American leader and that the agreement shows how the two countries can resolve their differences and find solutions based on dialogue.

"What's extraordinary about this is how much uncertainty and lack of transparency there is associated with, not only the whole process of negotiating, but what's in it", said Rufus Yerxa, president of the National Foreign Trade Council. While the agreement leaves many economic disputes between the two countries unresolved, Lovely said the 18-month trade war has allowed both sides to send a message.

"That's all anybody knows - officially", said Jennifer Hillman, a senior fellow for trade and global political economy for the Council on Foreign Relations.

The period of review, which is not expected to be specified in the deal's text, is meant to give the Trump administration time to verify the Asian nation's adherence to the terms of the pact. Trump has said Beijing is paying those taxes, but studies have indicated they are being absorbed by American farmers and businesses. Nobody's aware of what the enforcement mechanisms and procedures will be and nobody's aware of what the timetable is for implementation of all of them. "What are the plans for Phase Two?"

But some analysts have expressed scepticism it will set US-China trade on a new trajectory.

In a letter to the President on Monday, Chuck Shumer, the top Senate Democrat, complained that the deal - reported to be only 86 pages long - could "send a signal to Chinese negotiators that the USA can be steamrolled".

But many economists question whether United States farmers have the capacity to meet that demand.

The deal contains commitments by China to follow through on previous pledges to eliminate any pressure for foreign companies to transfer technology to Chinese firms as a condition of market access, licensing or administrative approvals and to eliminate any government advantages for such transfers. "Where is there any guarantee that they will actually do that?"

"The only non-public component of the agreement is a confidential annex with detailed purchase amounts, which has been previously described", U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said in a joint emailed response to questions.

United States tariffs of 25 per cent on US$250 billion worth of Chinese goods put in place earlier will remain immediately unchanged.

"We're optimistic that signing the agreement will reopen some opportunities, especially for the Upper Midwest", she said. "There will be a 'phase two.' But this is the first time we've had a comprehensive agreement with China".

"Together we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families", US President Donald Trump said as he touted the deal at the White House alongside Chinese Vice Premier Liu He and other officials.

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