The “phase one” US-China trade deal will nearly double US exports to China over the next two years and is “totally done” despite the need for translation and revisions to its text, US Trade Representative Robert Lighthizer said on Sunday, reported the South China Morning Post.
Lighthizer said there would be some routine “scrubs” to the text but “this is totally done, absolutely.” He said a date and location for senior US and Chinese officials to formally sign the agreement is still being determined.
The deal, announced on Friday after more than two and a half years of on-and-off negotiations between Washington and Beijing, will reduce some US tariffs on Chinese goods in exchange for increased Chinese purchases of US agricultural, manufactured and energy products by some $200 billion over the next two years.
China has also pledged in the agreement to better protect US intellectual property, to curb the coerced transfer of American technology to Chinese firms, to open its financial services market to US firms and to avoid manipulation of its currency.
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