US China trade deal: What’s in the US-China trade deal? The 3 key points
DONALD TRUMP has signed a trade deal between the US and China. So what is in the US-China trade deal? Express.co.uk gives you the key points.
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US president Donald Trump has signed what he called a “transformative” trade deal with China. On Wednesday the president took part in a signing ceremony at the White House with Chinese Vice Premier Liu He.
Mr Trump said at the signing: “Together we are righting the wrongs of the past and delivering a future of economic justice and security.
“Far beyond even this deal, it’s going to lead to an even stronger world peace.”
Vice Premier Liu He said of the deal: “China has developed a political system and a model of economic development that suits its national reality.
“This doesn’t mean that China and the US cannot work together.
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“On the contrary, our two countries share enormous common commercial interests.”
“We hope both sides will abide by and keep the agreement in earnest.”
The Washington signing ceremony was attended by Republican donors and business leaders.
And while the president was engaged with talks, the US House of Representatives voted to send two articles of impeachment against Mr Trump to the Senate.
Here are some of the key points of the US-China trade deal.
China purchases
Under the new trade deal, China has pledged to increase purchases of American goods and services by at least $200 billion over the next two years.
China has committed to $77.7 billion in additional manufacturing purchases over two years.
China has also committed to buying at least $52.4 billion in additional energy purchases over the two year period.
Prior to the start of the trade war, China bought $130 billion in US goods in 2017.
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Tariffs
The US has agreed to cut its current tariff rate by half, on a $120 billion list of Chinese goods, to 7.5 percent.
However, on an estimated $250bn worth of Chinese goods, the US will maintain up to 25 percent tariffs.
China also recently levied new tariffs on $100bn worth of US products, and is expected to maintain the majority of these.
Intellectual property
Under the terms of the new deal, China has pledged to strengthen intellectual property rules.
This means stronger laws will need to be implemented on patents, trademarks, copyrights and counterfeit goods.
The new laws will also make it easier for companies to seek legal action over trade secret theft.