US president Donald Trump on Wednesday signed the first phase of a trade deal with China, skyrocketing US stock markets in the process.
Trump, who made placing tariffs on China for manipulating their currency, stealing intellectual property and cheating the US on Trade finally got his wish of a new trade deal with China after almost two years long trade war that has hurt U.S. farmers and created a drag on global economic growth.
Trump who signed the deal alongside Chinese Vice Premier Liu He in the White House's East Room Wednesday morning said tariffs on Chinese goods will remain until a "Phase Two" agreement is signed.
"We're leaving tariffs on which, people were shocked, but it's great," the president said.
"But I will agree to take those tariffs off if we are able to do Phase Two. In other words, we're negotiating with the tariffs."
"With this signing, we mark more than just an agreement, we mark a sea change in international trade,"
"The United States recognizes the importance of intellectual property protection," the agreement says. "China recognizes the importance of establishing and implementing a comprehensive legal system of intellectual property protection and enforcement as it transforms from a major intellectual property consumer to a major intellectual property producer. China believes that enhancing intellectual property protection and enforcement is in the interest of building an innovative country, growing innovation-driven enterprises, and promoting high quality economic growth."
The agreement between both nations addresses intellectual property protection and enforcement, ending forced technology transfer, ending currency manipulation, rebalancing the U.S.-China trade relationship, and ensures the Chinese will also be buying up to $200 billion in U.S. goods, including agricultural products like soybeans and pork, offering some relief to U.S. farmers who have been the most affected by the trade war.
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