The so-called “Phase One” trade deal, which cancels current and proposed U.S. tariffs on Chinese goods in exchange for structural economic reforms in China, was formally by U.S. President Donald Trump and Chinese Vice Premier Liu He on Wednesday, 15 January at the White House in Washington D.C.
The deal, which includes specific provisions pertaining to seafood, will go into effect in 30 days.
In conjunction with the signing, the official agreement was released by the U.S. Trade Representative, making it publicly available for the first time. The deal includes a promise by China to purchase USD 200 billion (EUR 179.3 billion) of American goods and services, of which USD 40 billion (EUR 35.8 billion) will be agricultural goods, according to Liu’s public comments at the signing ceremony. China also agreed to enforce stronger protections for American intellectual property, committed to greater transparency in the way it manages its currency, and said it would permit further access to its markets for American banks…