Trump and Lui He sign deal
- Agreement prohibits misappropriation of trade secrets through electronic surveillance
- Require forfeiture of machinery used to produce counterfeit goods
- Agreement effective 30 days after signing
- Deal calls for $200 billion in added Chinese purchases of US goods above 2017 levels
- Lighthizer says it is not administrations intention to wait until after November elections for phase two deal
- Lighthizer says only way for further tariff reductions is a phase two deal
- China to import no less than $12.5B above 2017 baseline for agricultural goods in 2020 and +$19.5B in 2021
- Market conditions, particularly in the case of agricultural goods ,may dictate the timing of purchases within any given year
More purchase details:
- China to buy $12.8B more in services this year, $25.1B in second year
- To buy $18.5B more in energy this year, $33.9B in second year
- To buy $12.5B more in manufactured goods this year, $44.8B in second year
- The outline of this was leaked yesterday
Those are some big numbers. I would love to see more details on what China plans to buy, especially in something less-fungible like manufacturing.