PRESIDENT DONALD J. TRUMP HAS SECURED A HISTORIC PHASE ONE TRADE AGREEMENT WITH CHINA

Office of the Press Secretary FOR IMMEDIATE RELEASE December 13, 2019 PRESIDENT DONALD J. TRUMP HAS SECURED A HISTORIC PHASE ONE TRADE AGREEMENT WITH CHINA “We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.” – President Donald J. Trump   NEGOTIATING A HISTORIC AGREEMENT: President Donald J. Trump has reached a historic phase one trade agreement with China. As a result of President Donald J. Trump’s leadership, the United States reached a historic and enforceable phase one agreement with China that achieves progress on a number of critical fronts.    China has agreed to structural reforms in areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The agreement includes a strong dispute resolution system to ensure effective implementation and enforcement. As a result, we will be able to ensure full enforcement of this phase one agreement and the reforms it includes.   As a part of this agreement, the United States has agreed to significantly modify its Section 301 tariffs. These successful phase one negotiations have begun important progress towards rebalancing our trade relationship with China. SECURING A TREMENDOUS VICTORY: This historic agreement is a tremendous victory for the American economy – especially American farmers, manufacturers, and innovators. This phase one agreement will greatly benefit both the American economy and the global economy as a whole.   The agreement will deliver an incredible boost to American manufacturers, service providers, farmers, and more. American businesses will benefit from stronger intellectual property protection and technology transfer reforms. The first steps included in this agreement will provide protections for American innovators and inventors.   China has agreed to make substantial purchases of American manufacturing goods, agricultural products, energy products, and services, marking a monumental win for American farmers and businesses. WORKING FOR FAIRER TRADE: President Trump continues to deliver on his promise to negotiate better trade deals for the American people. President Trump has experienced incredible success in negotiating better trade deals that benefit American workers and industries. The President renegotiated NAFTA and is replacing it with the USMCA – the largest and most comprehensive trade agreement in history. Earlier this year, the President scored a huge victory for America’s farmers and businesses by striking two new trade agreements with Japan on agricultural exports and digital trade. The President has renegotiated the United States-Korea Free Trade Agreement, preserving American jobs and leveling the playing field for the American automobile industry.