U.S. Trade Representative Robert Lighthizer put the onus on China’s decisionmakers for the success of the ‘phase one’ trade deal that was concluded on Dec. 13
WASHINGTON - The “phase one” U.S.-China trade deal will nearly double U.S. exports to China over the next two years and is “totally done” despite the need for translation and revisions to its text, U.S. Trade Representative Robert Lighthizer said on Sunday.
The deal, announced on Friday after more than two and a half years of on-and-off negotiations between Washington and Beijing, will reduce some U.S. tariffs on Chinese goods in exchange for increased Chinese purchases of U.S. agricultural, manufactured and energy products by some $200 billion over the next two years.
FILE PHOTO: China's Vice Premier Liu He gestures to the media between U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington, U.S., October 10, 2019. REUTERS/Yuri Gripas/File Photo The deal ultimately left 25% U.S. tariffs on $250 billion worth of Chinese imports, limiting stock market gains on Friday.“Ultimately, whether this whole agreement works is going to be determined by who’s making the decisions in China, not in the United States,” Lighthizer said. “If the hard-liners are making the decisions we’re going to get one outcome, if the reformers are making the decisions — which is what we hope — then we’re going to get another outcome.
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