Page 9 - THE SOUTH CHINA BUSINESS JOURNAL
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another significant step forward in In a late-night phone call initiated by the US in late
advancing President Trump’s economic December, President Xi said that as long as the two sides
agenda. “Thanks to the President’s adhere to mutually-beneficial cooperation, and always respect
leadership, this landmark agreement marks the dignity, sovereignty, and core interests of the other
critical progress toward a more balanced country, they will be able to overcome the difficulties in the
trade relationship and a more level playing course of development, and push forward Sino-US economic
field for American workers and companies,” and trade relations under the new historical conditions for the
Mnuchin said. benefit of two countries and two peoples.
The Phase One agreement includes Xi also said he is ready to maintain contact with Trump
a commitment by China that it will through various means, and exchange views on bilateral
make substantial additional purchases relations and international issues, and work together to
of US goods and services in the coming promote a China-US relationship based on coordination,
years. Importantly, the agreement cooperation and stability.
establishes a strong dispute resolution
system that ensures prompt and effective In their phone call, Trump said the phase one trade deal is
implementation and enforcement. good for both countries. It has received positive responses
from the markets of both countries and the world. The US
President Xi notes that the interests side is ready to keep close contact and communications with
of China and the US will continue to be the Chinese side for the deal to be signed and implemented,
become increasingly interlinked as modern President Trump said.
economy and technology have connected
the world. Economic and trade cooperation Trump also said he looks forward to maintaining
between the two countries has contributed communications with Xi by various means. He said he believed
tremendously to the steady development that the two countries could properly resolve their differences
of their bilateral relations and to the global and secure the steady growth of bilateral relations.
economic growth.
News of the Phase One deal was welcomed by foreign
Yet, US-China trade conflict lacked businesses in China and other areas around the world affected
significant breakthroughs in much of 2019, by the situation. "For the first time in months, the United
causing major market uncertainty and States and China are moving in the right direction on tariffs,
hammering the US manufacturing industry. and we congratulate negotiators from both sides for the
China’s economy also took a hit, giving progress they have made," David French, National Retail
Beijing extra incentive to strike a deal that Federation, said.
would avert a new round of tariffs that were Wendy Cutler, vice president of the Asia Society Policy
scheduled to go into effect in mid-December. Institute, said: "This Phase One China deal should go a
long way in reversing the downward spiral in bilateral trade
relations and increasing certainty for US businesses. Our
trading partners around the world whom were feeling the pain
of this trade war must also be breathing a sigh of relief."
The United States first imposed tariffs on imports from
China based on the findings of the Section 301 investigation
on China’s acts, policies, and practices related to technology
transfer, intellectual property, and innovation. The US will
be maintaining 25 percent tariffs on approximately $250
billion of Chinese imports, along with 7.5 percent tariffs on
approximately $120 billion of Chinese imports.
Chinese Foreign Minister Wang Yi said the deal will help
gradually restore economic and trade relations between China
and the U.S., inject confidence in the world economy and bring
stability to the global trade order.■
South China Business Journal 6
advancing President Trump’s economic December, President Xi said that as long as the two sides
agenda. “Thanks to the President’s adhere to mutually-beneficial cooperation, and always respect
leadership, this landmark agreement marks the dignity, sovereignty, and core interests of the other
critical progress toward a more balanced country, they will be able to overcome the difficulties in the
trade relationship and a more level playing course of development, and push forward Sino-US economic
field for American workers and companies,” and trade relations under the new historical conditions for the
Mnuchin said. benefit of two countries and two peoples.
The Phase One agreement includes Xi also said he is ready to maintain contact with Trump
a commitment by China that it will through various means, and exchange views on bilateral
make substantial additional purchases relations and international issues, and work together to
of US goods and services in the coming promote a China-US relationship based on coordination,
years. Importantly, the agreement cooperation and stability.
establishes a strong dispute resolution
system that ensures prompt and effective In their phone call, Trump said the phase one trade deal is
implementation and enforcement. good for both countries. It has received positive responses
from the markets of both countries and the world. The US
President Xi notes that the interests side is ready to keep close contact and communications with
of China and the US will continue to be the Chinese side for the deal to be signed and implemented,
become increasingly interlinked as modern President Trump said.
economy and technology have connected
the world. Economic and trade cooperation Trump also said he looks forward to maintaining
between the two countries has contributed communications with Xi by various means. He said he believed
tremendously to the steady development that the two countries could properly resolve their differences
of their bilateral relations and to the global and secure the steady growth of bilateral relations.
economic growth.
News of the Phase One deal was welcomed by foreign
Yet, US-China trade conflict lacked businesses in China and other areas around the world affected
significant breakthroughs in much of 2019, by the situation. "For the first time in months, the United
causing major market uncertainty and States and China are moving in the right direction on tariffs,
hammering the US manufacturing industry. and we congratulate negotiators from both sides for the
China’s economy also took a hit, giving progress they have made," David French, National Retail
Beijing extra incentive to strike a deal that Federation, said.
would avert a new round of tariffs that were Wendy Cutler, vice president of the Asia Society Policy
scheduled to go into effect in mid-December. Institute, said: "This Phase One China deal should go a
long way in reversing the downward spiral in bilateral trade
relations and increasing certainty for US businesses. Our
trading partners around the world whom were feeling the pain
of this trade war must also be breathing a sigh of relief."
The United States first imposed tariffs on imports from
China based on the findings of the Section 301 investigation
on China’s acts, policies, and practices related to technology
transfer, intellectual property, and innovation. The US will
be maintaining 25 percent tariffs on approximately $250
billion of Chinese imports, along with 7.5 percent tariffs on
approximately $120 billion of Chinese imports.
Chinese Foreign Minister Wang Yi said the deal will help
gradually restore economic and trade relations between China
and the U.S., inject confidence in the world economy and bring
stability to the global trade order.■
South China Business Journal 6
