U.S., China sign new trade agreement, signaling a pause in the nearly two-year trade war between the world’s two largest economies
WASHINGTON – With the stroke of a pen, the U.S. and China on Wednesday formalized a limited trade deal that signals a pause in the nearly two-year trade war between the world’s two largest economies and sets the stage for talks toward a broader agreement down the road.” agreement, the product of months of negotiations between officials in Washington and Beijing, calls for China to boost its purchase of U.S.
“Today we take a momentous step – one that has never been taken before with China – toward a future of fair and reciprocal trade,” President Donald Trump said during a White House signing ceremony with Chinese Vice Premier Liu He. Trump said he would travel to China soon as the two sides attempt to negotiate a broader agreement to deal with unresolved issues, such as complaints that China subsidizes its companies to give them an unfair advantage over foreign businesses.
"All the big trade issues between the U.S. and China remain unaddressed and punted into the future," said David Rothkopf, a senior trade official during the Bill Clinton administration. "It is a Potemkin Deal, a sham."Regardless, Trump and a delegation of Chinese officials gathered in the White House’s ornate East Room on Wednesday for the formal signing ceremony.
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