President Trump has officially signed the ‘phase one’ trade deal with China. He held a signing ceremony at the White House Wednesday alongside the Chinese vice premier and top U.S. trade officials.
Part one of the agreement outlines changes China must make to protect intellectual property rights and will end forced technology transfers. Additionally, President Trump said China agreed to increase imports from the U.S. by more than $200 billion over the next two years. The ‘phase one’ agreement also includes $50 billion in agriculture purchases.
U.S.-China Business Council President Craig Allen said both the U.S. and China will benefit from the new trade deal. In a recent interview, he said the agreement’s benefits to both sides gives him hope it will be sustainable and provide a foundation to move forward in the “economic arena.” Allen also said the deal puts a stop to the deterioration of the U.S.-China relationship and is a substantial step forward.