Markets open up
Trade deal ‘totally done and will double US exports to China’
President Trump: a ‘big’ deal for US
United States exports to China are expected to double over the next two years after they agreed a “phase one” trade deal on Friday.
US Trade Representative Robert Lighthizer, speaking on CBS’s Face the Nation programme, said the text “is totally done, absolutely” and that a date and location was being considered for officials to formally sign the agreement.
The deal was announced on Friday following heavily dropped hints from President Trump that a “big” trade agreement had been reached. It came after more than two and a half years of on-and-off negotiations between Washington and Beijing.
Some US tariffs on Chinese goods will be reduced while China will buy an additional $200 billion of US agricultural, manufactured and energy products over the next two years.
China also said it would step up protection of US intellectual property, and take action on the transfer of American technology to Chinese firms. It will open its financial services market to US companies and halt the manipulation of its currency.
Mr Lighthizer said the success of the deal depends largely on decisions by officials in Beijing.