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US and China sign trade agreement | Israel today

2020-01-15T08:44:27.720Z


Americans will reduce the burden of tariffs • Chinese commit to transparency in RMB • US Commerce Commission: "a huge step forward" economy


Americans will reduce the burden of tariffs • Chinese commit to transparency in RMB • US Commerce Commission: "a huge step forward"

  • Reached an agreement. Xi Jinping and Donald Trump // Photo: Reuters

The first phase of the US-China trade agreement is expected to be signed Wednesday in Washington, after about a year and a half of a trade war between the world's two largest economies. The signing is expected to be in the presence of President Trump and Chinese Vice President Liu Ha.

Prior to signing the agreement, US Treasury Secretary Steve Menuchin announced the removal of China from the list of countries manipulating the yuan currency. The Chinese pledge not to artificially weaken the local yuan, and the US Treasury also cited the strengthening of the Chinese currency as a positive sign that could signal a change in Beijing.

Under the agreement, China undertakes to act transparently and to publicly state its foreign exchange practices. The Chinese welcomed the move, stating "we have never manipulated currency."

At the same time, Americans will reduce the burden of tariffs on imports from China, but will leave tariffs on goods worth $ 380 billion. At the same time, Chinese pledges to buy US $ 200 billion in commodities over the next two years. Of those, 50-40 billion will be purchased by US farmers for agricultural commodities. It may be doubled.

Remember, the US recently reduced its trade deficit vis-à-vis China. Last November, the trade deficit vis-à-vis the Chinese fell by more than $ 2 billion to $ 25.6 billion. The equivalent in 2018 amounted to 319 billion.

"Good deal to USA"

Robert Lightizer, U.S. Commerce Commissioner and Trump administration's trade war strategist, welcomed the expected agreement. "It's a very good deal for the U.S.," he said in an interview with Fox Business. However, Lightizer, who holds a particularly hawkish line against China, admitted that at this time he could not declare that the Chinese would follow the guidelines on intellectual property theft from US companies. He said, "We are tough people and expect the Chinese to act by law, and if they do not stand up to it we will take steps against them - but right now I can say that the signed agreement is a huge step forward."

Source: israelhayom

All news articles on 2020-01-15

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