Trump said during a White House ceremony that the deal is “righting the wrongs of the past.” He promoted the signing as a way of delivering economic justice for American workers and said, “We mark a sea change in international trade” with the signing.
The agreement is being described as “phase one” of a larger negotiation focusing on tensions in the U.S.-China trade relationship. Chinese leader Xi Jinping said in a letter to Trump that the first phase is “good for China, the U.S. and for the whole world.” The letter was read by Beijing’s chief negotiator, Vice Premier Liu He.
But this agreement would do little to force China to make the major economic changes such as reducing unfair subsidies for its own companies that the Trump administration sought when it started the trade war by imposing tariffs on Chinese imports in July 2018.
The White House ceremony gave Trump a chance to cite progress on a top economic priority on the same day that the House prepared to vote to send articles of impeachment to the Senate for a trial. He told Republican lawmakers attending the ceremont that he understood if they had to leave early for votes.
“They have a hoax going on over there. Let’s take care of it,” Trump said.
The agreement is intended to ease some U.S. economic sanctions on China while Beijing would step up purchases of American farm products and other goods. Trump cited beef, pork, poulty, seafood, rice and dairy products as examples.
The deal would lower tensions in a trade dispute that has slowed global growth, hurt American manufacturers and weighed on the Chinese economy. Trump said easing trade tensions was critical.
“Keeping these two giant and powerful nations together in harmony is so important for the world,” Trump said. “The world is watching today.”
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A TOP ENERGY STRATEGIST IS OPTIMISTIC ABOUT CLIMATE CHANGE. AND HE HAS THE DATA TO BACK THAT UP
When it comes to energy, Jarand Rystad is the numbers guy. The former McKinsey Company partner founded Oslo-based Rystad Energy, an independent research and energy intelligence company that sells data and analysis on oil, gas, coal and renewable forms of energy.
CHINA ANNOUNCES MORE SUPPORT FOR ECONOMY BUT HOLDS BACK ON MAJOR SPENDING PACKAGE
China’s economic planning agency outlined details of measures aimed at boosting the economy this week but refrained from major spending initiatives.
GOOGLE SAYS IT WILL STOP LINKING TO NEW ZEALAND NEWS IF A LAW PASSES FORCING IT TO PAY FOR CONTENT
Google said it will stop linking to New Zealand news content and will reverse its support of local media outlets if the government passes a law forcing tech companies to pay for articles displayed on their platforms.
FACEBOOK, YOUTUBE AND TIKTOK USERS IN EUROPE GET FORUM TO CHALLENGE SOCIAL MEDIA CONTENT DECISIONS
Social media users in the European Union will soon have a new forum to challenge decisions by platforms to remove posts and videos for breaking their rules or leave up others that may violate them.
'JOKER 2' STUMBLES AT BOX OFFICE AMID POOR REVIEWS FROM AUDIENCES AND CRITICS
“Joker: Folie à Deux” is the No. 1 movie at the box office, but it might not be destined for a happy ending.
CONTROL THE PATH AND POWER OF HURRICANES LIKE MILTON? FORGET IT ,SCIENTISTS SAY
Hurricanes are humanity’s reminder of the uncontrollable, chaotic power of Earth’s weather.
JUDGE RULES THE FTC CAN PROCEED WITH ANTITRUST LAWSUIT AGAINST AMAZON, TOSSES OUT FEW STATE CLAIMS
A federal judge said the Federal Trade Commission can proceed with its landmark antitrust lawsuit against Amazon. But, he also gave the company a small victory by tossing out a few claims made by states involved in the legal fight.
HYUNDAI HAS BEGUN PRODUCING ELECTRIC SUVS AT ITS $7.6 BILLION PLANT IN GEORGIA
Hyundai has begun producing electric SUVs in Georgia less than two years after breaking ground on its sprawling, $7.6 billion manufacturing plant west of Savannah.
A SPACECRAFT IS ON ITS WAY TO A HARMLESS ASTEROID SLAMMED BY NASA IN A PREVIOUS SAVE-THE-EARTH TEST
A spacecraft blasted off Monday to investigate the scene of a cosmic crash.
FEDERAL JUDGE ORDERS GOOGLE TO OPEN ITS ANDROID APP STORE TO COMPETITION
A federal judge this week ordered Google to tear down the digital walls shielding its Android app store from competition as punishment for maintaining an illegal monopoly that helped expand the company’s internet empire.