The first phase of a U.S.-China trade agreement will be inked at the White House in mid-January, U.S. President Donald Trump announced Tuesday.
Published Tuesday, December 31, 2019 2:48PM EST
And the two sides have yet to release detailed documentation of the pact, making it difficult to evaluate. China has agreed to boost its U.S. goods imports by $200 billion over two years, the U.S. Trade Representative said Dec. 13 when the deal was announced. That includes increased purchases of soybeans and other farm goods that would reach $40 billion a year.
Many analysts argue that the results are fairly limited given the costs of the administration's 17-month trade war against China. U.S. farm exports to China fell in 2018 to about one-third of the peak reached six years earlier, though they have since started to recover. Many experts in both the U.S. and China are skeptical that U.S. farm exports can reach $40 billion. The most the U.S. has ever exported to China before has been $26 billion. China has not confirmed the $40 billion figure.
The Phase 1 deal has left some major issues unresolved, notably complaints that Beijing unfairly subsidizes its own companies to give them a competitive advantage in world markets.
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