01/15/2020 | Press release | Distributed by Public on 01/15/2020 12:10
TODAY, PRESIDENT TRUMP WILL SIGN A PHASE ONE TRADE AGREEMENT WITH CHINA, WHICH WILL INCLUDE KEY COMMITMENTS FROM CHINA ON STOPPING UNFAIR TRADING PRACTICES AND INCREASING PURCHASES OF U.S. GOODS
THE TRADE DEAL HAS BEEN HAILED AS A VICTORY FOR THE TRUMP ADMINISTRATION ON ONE OF THE PRESIDENT'S CENTRAL PROMISES TO REVISE AMERICA'S TRADE RELATIONSHIPS
Foreign Policy: 'In 2019, Trump Won A 'Phase One' Deal With China.'
The Hill : The 'signing ceremony in Washington hands Trump a victory on one of his central campaign promises to revise America's trade relationships.'
The Washington Post : 'This Deal Does A Lot For [Farmers].'
'Farmers and financial firms come out best in the deal.'
'The most agricultural products China has ever bought from the United States in a single year was about $26 billion worth in 2012. It's likely China will surpass that next year .'
The New York Times: ' Trump's Supporters See U.S. Victory In China Trade Deal'
'To Mr. Trump's most faithful backers, the president took on China and scored a major win .'
The New York Times: 'The Agreement Provides Mr. Trump With A Policy Win To Hail.'
The agreed to number of purchases by China 'represent a staggering increase over recent Chinese imports.'
PRESIDENT TRUMP'S TRADE DEAL WITH CHINA FOLLOWS HIS SUCCESSFUL NEGOTIATION OF THE USCMA TRADE AGREEMENT
While on the campaign trail, then candidate Donald Trump continued to call for a new North American Free Trade Agreement .
President Trump campaigned for a new deal to bring back jobs to the United States .
The U.S. International Trade Commission, a bipartisan agency stated that USMCA would boost U.S. gross product by .35% and add 176,000 U.S. jobs over the next six years.
The Commission's model estimates that USMCA would raise U.S. GDP by $68.2 billion.
U.S. exports to Canada and Mexico would increase by $19.1 billion and $14.2 billion, and imports would increase by $19.1 billion and $12.4 billion.
THE USMCA HAS BEEN LAUDED AS A VICTORY FOR THE TRUMP ADMINISTRATION
The New York Times reported that the USMCA is one of President Trump's ' Biggest Legislative Victories .'
The New York Times praised the President calling the New Trade Deal A ' Crucial Victory .'
The Washington Post stated that the USMCA ' is a clear win for the President .'
The Wall Street Journal reported that the USMCA is expected to boost benefits for agriculture, technology, manufacturing, and other business sectors.
TODAY, PRESIDENT TRUMP WILL SIGN PHASE TRADE AGREEMENT WITH CHINA WHICH INCLUDES KEY COMMITMENTS FROM CHINA ON STOPPING UNFAIR TRADING PRACTICES AND INCREASING PURCHASES OF U.S. GOODS
Today, President Trump Will Sign A Phase One Trade Agreement With China: The Deal Includes Chinese Commitments To Stop Unfair Trade Practices And To Nearly Doubling Its Imports Of U.S. Products And Services
Today, January 15, 2020, The Trump Administration Will Sign Phase One Of A New Trade Agreement Between The U.S. And China. 'The Trump administration has invited at least 200 people to a Jan. 15 ceremony to witness the signing of the Phase 1 trade deal between the United States and China, but the two nations have not yet finalized what, exactly, will be signed, White House officials said on Friday.' ( Reuters , 01/10/20)
In The Deal, China Has Committed To Increasing Purchases Of American Products And Services By At Least $200 Billion Over The Next Two Years, Nearly Doubling U.S. Exports To China, With An Expectation That The Higher Purchases Will Continue After That Period. 'U.S. officials say China agreed to increase purchases of American products and services by at least $200 billion over the next two years - nearly doubling U.S. exports to China - with an expectation that the higher purchases will continue after that period.' ( Reuters , 01/10/20)
The Purchases Include Manufactured Goods, Agricultural Goods, Energy And Services And Are Expected To Reduce The $419 Billion U.S. Trade Deficit. 'The purchases include manufactured goods, agricultural goods, energy and services, and are expected to reduce the $419 billion U.S. trade deficit with China, officials said.' ( Reuters , 01/10/20)
The Trade Deal Also Includes Stronger Chinese Legal Protections For Patents, Trademarks, Copyrights, Pirated And Counterfeit Goods. 'USTR said the deal includes stronger Chinese legal protections for patents, trademarks, copyrights, including improved criminal and civil procedures to combat online infringement, pirated and counterfeit goods.' ( Reuters , 01/10/20)
Additionally, The Deal Contains Commitments By China To Follow Through On Pledges To Eliminate Any Pressure For Foreign Companies to Transfer Technology To Chinese Firms As A Condition Of Market Access. 'The deal contains commitments by China to follow through on previous pledges to eliminate any pressure for foreign companies to transfer technology to Chinese firms as a condition of market access, licensing or administrative approvals and to eliminate any government advantages for such transfers, according to USTR.' ( Reuters , 01/10/20)
The U.S. Trade Agency Also Said China Agreed To Refrain From Directly Supporting Outbound Investment Aimed At Acquiring Foreign Technology. 'The U.S. trade agency also said China agreed to refrain from directly supporting outbound investment aimed at acquiring foreign technology to meet its industrial plans - transactions already restricted by stronger U.S. security reviews.' ( Reuters , 01/10/20)
The Currency Agreement Contains Pledges By China To Refrain From Competitive Currency Devaluations And To Not Target Its Exchange Rate For A Trade Advantage, According To USTR. 'The currency agreement contains pledges by China to refrain from competitive currency devaluations and to not target its exchange rate for a trade advantage, according to USTR.' ( Reuters , 01/10/20)
'U.S. Officials Said The Deal Also Includes Improved Access To China's Financial Services Market For U.S. Companies, Including In Banking, Insurance, Securities And Credit Rating Services.' 'U.S. officials said the deal includes improved access to China's financial services market for U.S. companies, including in banking, insurance, securities and credit rating services.' ( Reuters , 01/10/20)
The Trade Deal Has Been Hailed As A Victory For The Trump Administration On One Of The President's Central Promises To Revise America's Trade Relationships
Foreign Policy: 'In 2019, Trump Won A 'Phase One' Deal With China.' ( Foreign Policy , 12/30/19)
The Hill: The 'Signing Ceremony In Washington Hands Trump A Victory On One Of His Central Campaign Promises To Revise America's Trade Relationships.' 'Next week's signing ceremony in Washington hands Trump a victory on one of his central campaign promises to revise America's trade relationships.' ( The Hill , 01/09/20)
The Washington Post: 'This Deal Does A Lot For [Farmers].' 'Among Trump voters, some of the most frustrated were farmers. This deal does a lot for them, with China likely to buy the most U.S. agricultural products ever in 2020.'( The Washington Post , 12/13/19)
The New York Times: 'Trump's Supporters See U.S. Victory In China Trade Deal' ( The New York Times , 01/14/2020)
The New York Times: 'The Agreement Provides Mr. Trump With A Policy Win To Hail.' 'The agreement provides Mr. Trump with a policy win to hail, but it also deprives him of a useful foil to rail against. China-bashing is a well-worn tradition for Republicans and Democrats in election years. Former Presidents Bill Clinton and Barack Obama both criticized their predecessors for coddling China despite its human rights abuses and unfair trade practices during their campaigns in 1992 and 2008.' ( The New York Times , 01/14/2020)
THE CHINA PHASE ONE TRADE DEAL FOLLOWS PRESIDENT TRUMP'S SUCESSFUL NEGOTIATION OF THE NEW USMCA TRADE AGREEMENT
The USMCA Has Been Widely Lauded As A Victory For The Trump Administration
The New York Times : The USMCA Agreement Is One Of President Trump's 'Biggest Legislative Victories'. 'The agreement on a revised United States-Mexico-Canada Agreement was announced on Tuesday by Speaker Nancy Pelosi after months of negotiations, handing Mr. Trump one of his biggest legislative victories less than an hour after she unveiled articles of impeachment.' ( The New York Times , 12/14/19)
The New York Times : President Trump's Campaign Promise To Secure A New Trade Deal Is A 'Crucial Victory.' ' The timing of the handshake agreement offers Mr. Trump a crucial victory to promote on the campaign trail during his re-election bid and House Democrats tangible proof that they are able to legislate while preparing to vote on charges of abuse of power and obstruction of Congress against the president.' ( The New York Times , 12/14/19)
The Washington Post: The USMCA 'Is A Clear Win For The President.' 'This is a clear win for the president. He got a legit, comprehensive deal done with two foreign countries and Democrats, who are currently trying to impeach him. He can also say he delivered on a key campaign promise: to renegotiate or 'terminate' NAFTA. The deal should be a positive for the U.S. economy, another boost in an already improving economic picture for 2020. It also gives him confidence and momentum in his trade battle with China.' ( The Washington Post , 12/10/19)
The Wall Street Journal : The USMCA Is Expected To Boost Benefits For Agriculture, Technology, Manufacturing, And Other Business Sectors. 'The new U.S.-Mexico-Canada Agreement is expected to usher in tangible benefits for agriculture, technology, manufacturing and other business sectors, industry analysts say. Farmers are likely to see more exports. More auto parts are expected to be made in the U.S., and e-commerce and data companies say the trade pact will allow them to expand internationally.' ( The Wall Street Journal , 12/10/19)
The USMCA Has Been Widely Endorsed By Major Companies And Associations
More Than 455 Companies And Associations Have Endorsed The USMCA Agreement And Joined The USMCA Coalition Which Works To Urge Congress To Support The Deal. ( The USMCA Coalition , Accessed 12/16/19)
USMCA Coalition: 'We Are A Group Of U.S. Companies And Associations Working To Secure Congressional Approval Of The United States-Mexico-Canada Agreement (USMCA). 'We are a group of U.S. companies and associations working to secure congressional approval of the United-States-Mexico-Canada Agreement (USMCA).' ( USMCA Coalition, Accessed 05/28/19)
Governors Around The Country Have Also Endorsed The USMCA And Urged Congress To Pass The Trade Deal
Alabama Gov. Kay Ivey: 'I Join @RealDonaldTrump In Encouraging Congress To Ratify The #USMCAnow.'
Alaska Gov. Mike Dunleavy: 'US-Mexico-Canada Trade Deal Would Bring Great Benefits - Dems Should OK It' ( Fox News , 10/12/19)
'Arizona Gov. Ducey Pushes New North American Trade Agreement' ( U.S. News , 09/16/19)
Arkansas Gov. Asa Hutchinson: '#USMCA Is Good News For AR & AR Farmers…This Is A Victory For American Workers & Pres @realDonaldTrump' ( Twitter , 10/01/18)
Florida Gov. Ron DeSantis Signed Onto A Letter Urging 'Congress To Pass The USMCA Quickly So American Workers Can Begin Reaping The Benefits Of Improved Trade With Our North American Neighbors.' ( Letter To Congress , 06/20/19)
Georgia Governor Brian Kemp: 'USMCA Will Spur Job Creation, Create New Opportunities For Our Farmers And Ensure A Bright And Promising Future For Hardworking Americans' ( Facebook , 12/11/19)
Idaho Governor Brad Little: 'Now, More Than Ever, We Need Support For Trump's Trade Agreement With Canada And Mexico' ( Idaho Office Of The Governor , 12/11/29)
Indiana Governor Eric Holcomb: 'USMCA Deal Is Crucial To Hoosier Economy' ( Courier Press , 09/04/19)
Iowa Governor Kim Reynolds: 'USMCA Is A Strong, Balanced, And Modern Trade Agreement That Will Create Opportunities For Iowa Families, Farmers, Manufacturers And Small Businesses' ( Office Of The Governor Of Iowa , 12/10/19)
Kansas Gov. Laura Kelly: 'Ratifying USMCA, As Well As Improving Relations With Our Trading Partners Around The Globe, Will Benefit Our Agriculture Sector And The Economy As a Whole' ( Kanas Office Of The Governor , 08/01/19)
Maryland Governor Larry Hogan: 'Agreements Like USMCA Are Essential To Ensuring Future Prosperity For Our Nation And For The State Of Maryland' ( Southern Maryland Chronicle , 12/11/19)
Massachusetts Governor Charlie Baker: 'Ratification Of USMCA Is Imperative' ( Trade Works For America , 04/05/19)
Minnesota Governor Tim Walz On USMCA: 'Get That Thing Done' ( Minnesota Chamber Of Commerce , 10/11/19)
Mississippi Governor Phil Bryant: 'The USMCA Is A Big Win For America's Economy' ( Twitter , 09/10/19)
Missouri Governor Mike Parson: 'The #USMCA Trade Deal Is Particularly Important To Missouri.' ( Twitter , 09/10/19)
Nebraska Gov. Pete Ricketts On USMCMA: 'Approval Of This Trade Agreement Will Expand Opportunities For Nebraska's Farm Families, And We Look Forward To Its Final Approval.' ( Office Of Governor Pete Ricketts , 12/10/19)
New Hampshire Gov. Chris Sununu On USMCA: 'I Urge New Hampshire's Congressional Delegation To Get The Job Done And Vote In Favor Of This Deal.' ( New Hampshire Governor Chris Sununu , 12/10/19)
North Dakota Governor Doug Burgum: 'The USMCA Is A Tremendous Opportunity To Benefit Our Farmers, Ranchers, Business Owners And Innovators.' ( North Dakota Office Of The Governor , 12/10/19)
Northern Mariana Islands Governor Ralph Torres Signed Onto A Letter Urging 'Congress To Pass The USMCA Quickly So American Workers Can Begin Reaping The Benefits Of Improved Trade With Our North American Neighbors.' ( Letter To Congress , 06/20/19)
Ohio Gov. Mike DeWine: 'We Need To Pass #USMCA Now.' ( Twitter , 10/11/19)
Oklahoma Gov. Kevin Stitt: 'The Time Is Now For Congress To Ratify USMCA For The Benefit Of Oklahoma' ( Tulsa World , 07/11/19)
South Carolina Governor Henry McMaster: 'The USMCA That @realDonaldTrump Negotiated Will Be A Win for South Carolina And All Of America.' ( Twitter , 11/13/19)
South Dakota Governor Kristi Noem: 'The USMCA Is An agreement That Delivers A Win For - Farmers, Ranchers, Businesses And Workers.' ( Facebook , 11/13/19)
Tennessee Gov. Bill Lee: 'The USMCA Is A 21st Century Trade Deal For A 21st Century Market That Will Fuel Economic Growth Right Here In Tennessee.' ( Twitter , 09/10/19)
Texas Governor Greg Abbot On USMCA: 'This Will Be Great For Jobs In Texas.' ( Twitter , 12/13/19)
Utah Governor Gary Herbert: 'Trade Is The Lifeblood Of Utah's Economy And I Was Pleased To Join My Fellow Governors In Asking Congress To Approve The #USMCA.' ( Twitter , 06/20/19)
Vermont Governor Phil Scott On USMCA: 'It Will Help Vermont Businesses And Expand Access For Vermont Dairy Farmers To Canadian Markets.' ( WCAX 3 , 12/11/19)
West Virginia Governor Jim Justice: 'No Question The USMCA Will Bring Opportunity And Job Growth To Our Entire Nation And To WV As Well.' ( Twitter , 10/01/19)
Wyoming Governor Mark Gordon: 'The #USMCA Improves Agriculture Market Access For Wyoming's Farmers And Ranchers And Will Help Boost Export Sales For Our Companies.' ( Twitter , 09/10/19)Foreign RelationsTrade