« We mark more than just an agreement. We are marking a change in international trade, » Trump said at a noise ceremony, referring to former FBI Director James Comey, impeachment proceedings and a possible july 4 visit to Mount Rushmore for a fireworks display. The Chinese delegation also welcomed the pact. In a letter to Trump, Chinese President Xi Jinping said the first phase agreement was « good for China, for the United States and for the world. » He said he also showed that the two countries were capable of « acting on the basis of equality and mutual respect. » The letter was read by Beijing`s chief negotiator, Vice Premier Liu He. Nevertheless, the Phase 1 agreement did not resolve Washington`s fundamental differences with Beijing, which depends on massive state intervention in the economy to turn China into a technological powerhouse. The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301. The agriculture chapter addresses structural barriers to trade and will support a dramatic expansion of U.S. food, agricultural and seafood exports, increase income from U.S.
agriculture and fisheries incomes, increase rural economic activity and boost employment growth. Many non-tariff barriers to agriculture and seafood in the United States are addressed, including meat, poultry, seafood, rice, dairy products, infant food, horticultural products, feed and feed additives, pet food and agricultural biotechnology products. To date, the U.S. merchandise trade deficit over the previous year has decreased by 16% from the previous year to $321 billion. The deficit will continue to shrink if Beijing meets its commitments to buy significantly more U.S. imports.