PHASE 1: BREAKING THE ICE
Beijing to step up orders of US farm products by $50 billion, of manufactured goods by around $75 billion, of energy products by some $50 billion and of services by about $40-50 billion US, in turn, will cancel planned tariffs on Chinese-made cellphones, toys and computers, and halve the tariff rate to 7.5% on about $120 billion worth of Chinese goods *Chinese state subsidies *Forced technology transfer and cyber-security issues
Trump imposes tariffs on all imported washing machines and solar panels - not just those from China. Trump orders 25% tariffs on steel imports and 10% on aluminum from all suppliers - not just China. China imposes tariffs of up to 25% on 128 US products. Trump unveils plans for tariffs on about $300 bn of Chinese goods. US and Chinese negotiators hold mid-week trade talks. Talks fail eventually. Trump and Xi agree by phone to rekindle trade talks. At the G20 meeting in Osaka, Trump agrees to no new tariffs. Both sides make some concessions. After two days of high-level talks, Trump announces a Phase 1 deal that includes suspension of planned tariffs and a Chinese pledge to buy more farm goods.
clusion of the agreement at a White House event attended by lawmakers, officials, and supporters and the former secretary of state Henry Kissinger, who had spearheaded President Richard Nixon’s outreach to and the 1972 visit to China that led to the thaw in relations between the two countries.
Vice-premier Liu read out a message from President Xi Jinping in which the latter stressed the need for equality and mutual respect in tackling issues and implement the deal in “real earnestness”. Xi also said he hoped that US treats Chinese companies fairly.
China will buy $200 billion worth of US farm produce and other goods and services over two years, over a baseline of $186 billion in purchases in 2017. The deal includes $50 billion in additional orders for US agricultural products, Trump said, adding he was confident that US farmers would be able to meet the greater demand. He also said China would buy $40 billion to $50 billion in additional U.S. services, $75 billion more in manufacturing goods, and $50 billion more worth of energy supplies.
It will also liberalise its financial services sector to grant access to American companies, end forced transfer of technology through acquisitions, end currency manipulation, work towards balancing trade between the two countries and also punish it companies found to have stolen proprietary intellectual property and patented technology.