.Landmark US, China Deal Signing Will Give Trump a Trade War Victory

Landmark US, China deal signing will give Trump a trade war victory

By Jonathan GarberFOXBusiness   one hour ago

Phase two talks will start 'right away'

US-China trade deal's 'phase 1' has structural change, substantial purchases, enforcement: Robert Lighthizer

U.S. Trade Representative Robert Lighthizer discusses the components of a historic trade deal between the U.S.and China.

U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He are set to sign a historic preliminary trade deal Wednesday, delivering on a cornerstone commitment of President Trump's 2016 campaign.

The agreement, the first piece of a broader pact that Trump says may have as many as three phases, is said to include commitments from Beijing to purchase $200 billion of U.S. products over the next two years, halt intellectual property theft and refrain from currency manipulation.

In return, the U.S. will reduce tariffs on some products made in China, but keep duties the White House has imposed on $375 billion worth of merchandise.

"It's a really, really good deal for the United States, and it will work if reformers in China want it to work," Lighthizer told FOX Business’ Lou Dobbs on Monday evening. "And if that happens, great. If it doesn't happen, it's fully enforceable."

Already, the U.S. has updated its Foreign Exchange Report to indicate that it no longer considers China a currency manipulator, a move Beijing had requested before the signing took place.

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WHY 'PHASE ONE' CHINA TRADE DEAL DOESN'T NEED CONGRESSIONAL APPROVAL, UNLIKE USMCA