Trump fi­nal­iz­ing trade deal with China

Agree­ment set to be signed

Boston Herald - - Biz Smart -

WASH­ING­TON — Af­ter three years of tweets and tar­iffs, Pres­i­dent Trump has ar­rived at his China mo­ment.

The ex­pected sign­ing Wed­nes­day of a “phase one” deal in­cludes Chi­nese com­mit­ments to re­spect Amer­i­can in­tel­lec­tual prop­erty, not ma­nip­u­late its cur­rency, and a U.S. ex­pec­ta­tion for $200 bil­lion in new pur­chases that should help re­duce a yawn­ing trade deficit and re­pair some of the dam­age suf­fered by farm­ers.

“We think it was a good ne­go­ti­a­tion, we think it will make a real dif­fer­ence,” U.S. Trade Rep­re­sen­ta­tive Robert Lighthizer told re­porters Mon­day. “A skep­tic would say ‘we’ll see’ and that’s prob­a­bly a wise po­si­tion to take. But our ex­pec­ta­tion is that they keep their obli­ga­tions and in any event, they’re en­force­able.”

For its part, Bei­jing is point­ing to progress.

A for­eign in­vest­ment law that took ef­fect Jan. 1 bans ad­min­is­tra­tive agen­cies from forc­ing tech­nol­ogy trans­fers. And while the U.S. la­beled China as a “cur­rency ma­nip­u­la­tor” in Au­gust at the height of trade war, the Peo­ple’s Bank of China has long re­lin­quished di­rect in­ter­ven­tion.

“China has made steady strides in re­form and open­ing-up over the past year,” Cui Tiankai, China’s am­bas­sador to the U.S., said last week.

GETTY IM­AGES

THE NE­GO­TIA­TOR: China’s Vice Premier Liu He, left, speaks with Pres­i­dent Trump dur­ing a trade meet­ing in Wash­ing­ton, D.C., in April. Trump now says the two coun­tries are poised to sign a trade deal that will ben­e­fit both coun­tries.

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