The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301. The United States and China must resume negotiations on important policies that are not affected by the first phase agreement. Trump`s trade war has failed to address what really concerns U.S.-China trade relations. It is time for a new approach. The government acknowledges that the agreement has not resolved some U.S. complaints, particularly the way the Chinese government subsidizes its businesses. That was the concern expressed when Trump sparked a trade war in July 2018 by imposing tariffs on Chinese imports. At this point, the phase one agreement is taking major steps to implement much-needed market reforms in China.
The chapter on currency manipulation, a new feature of trade agreements under the Trump administration, is not so valuable. This chapter states that neither the United States nor China must devalue its currencies competitively to gain an advantage in world trade and that they must respect each other`s independent monetary policy decisions. Irrespective of that, the Trump administration has rescinded China`s formal name as a currency manipulator, a term it did just five months ago. The agreement is subject to any violation of monetary commitments in relation to the mechanism for implementing the agreement, which would allow them to obtain U.S. tariffs. President Trump and Chinese President Xi have signed a «Phase One» trade agreement, an agreement that the United States and China have been negotiating since December 2018. Contrary to previously thought, the agreement goes beyond increasing Chinese purchases of U.S. agricultural products and addresses important issues such as forced technology transfer, intellectual property protection and non-tariff barriers to U.S.
exports. Unfortunately, the ability of the United States to enforce these provisions is lacking. A1: China`s intellectual property theft in the United States and its relatively low intellectual property protection (IP) were among the initial complaints highlighted in Section 301 of the Office of the U.S. Trade Representative (USTR) Section 301, Section 301. China has pledged in the past to improve its intellectual property environment; However, the Phase One agreement contains some procedural innovations that may lead to better monitoring, implementation and implementation of China`s commitments. The agreement requires China to publish an action plan explaining how and when China will meet its IP obligations. The agreement also requires China to strengthen its application and intellectual property in a number of areas and regularly publish data on the impact of these measures. The action plan, as well as regularly published ip application data, should provide the U.S. benchmarks to measure China`s compliance with its commitments. U.S. trade agents said the deal would end a long-standing practice of China pressuring foreign companies to transfer the technology to Chinese companies, a precondition for market access.