(SitNews) - In a historic moment, President Donald Trump was joined today by the Vice Premier of China Cui Tiankai in the East Room of the White House. Together, they signed a new, fully enforceable trade agreement that rebalances this vital trade partnership while boosting American businesses, farmers, manufacturers, and innovators. 

“From day one, my Administration has fought tirelessly to achieve a level playing field for the American worker,” President Trump said. Before he took office, Washington had long tolerated unfair trade practices that buoyed special interests while hurting U.S. working- and middle-class families.

“For years, politicians ran for office promising action to remedy these practices, only to do nothing but allow them to continue,” the President said this morning. “Unlike those who came before me, I kept my promise . . . Now, our efforts have yielded a transformative deal that will bring tremendous benefits to both countries.”

The new agreement makes good on a number of key promises to fix trade with China, including but not limited to: 

• American-made products: To help rebalance the relationship, China has pledged to increase imports of American goods and services by at least $200 billion.  
   
• Agriculture purchases: As part of that commitment, China will be stocking up on goods from U.S. farmers - between $40 and $50 billion worth.
   
• No more forced technology transfers: For the first time ever, China agreed to end its practice of forcing American companies to transfer their technology to Chinese companies as a condition for doing business there.
   
• Fair currency practices: Beijing has agreed to stronger commitments on its practices regarding currency devaluations and exchange rates.
  
  
• Fully enforceable: Reforms included in the agreement are fully enforceable and include a strong dispute resolution system to ensure effective implementation and enforcement.
  
  
• Intellectual Property Rights: China will address numerous longstanding intellectual property concerns in the areas of trade secrets, trademarks, enforcement against pirated and counterfeit goods, and more.

In phase one of the agreement, China has made a commitment to purchase Alaska seafood at levels significantly exceeding the country’s historic purchases and will be a welcome boon to a vital Alaska industry that has been caught in the middle of the ongoing trade negotiations. China is Alaska’s largest trading partner.

 And this is just phase one. The work on a phase-two deal is already underway.  

“With this signing, we mark more than just an agreement. We mark a sea change in international trade. At long last, Americans have a government that puts them first at the negotiating table,” President Trump said.

Quoting a news release, a stronger America, of course, doesn’t come at the rest of the globe’s expense. On the contrary, when the United States is thriving, it makes the world a safer, more stable place. A better and fairer trade partnership with China will do much of the same.

Vice President Pence said, "Thanks to your efforts, Mr. President, we announced today great progress on protecting intellectual property, on preventing forced technology transfer and currency manipulation. And I know it means so much to you - the greatest impact may well be on American agriculture. Some $40- to $50 billion in purchases secured in this deal that will result in greater prosperity for farmers all across the land."

In his remarks, President Trump said, "This is an unbelievable deal for the United States. And, ultimately, it’s a great deal for both countries. And it’s going to also lead to even a more stable peace throughout the world." The president said, "China is helping us with North Korea. China is helping us with a lot of the things that they can be helping us with - which you don’t see in a deal, but they have been very, very helpful with respect to Kim Jong Un, who has great respect for President Xi."

Ambassador Cui Tiankai  (As interpreted) said, "Given the highly complex international environment, reaching a China-U.S. phase one trade agreement based on equality and mutual respect is good for China and the U.S., and good for the peace and prosperity of the whole world."

The Ambassador said, We hope both sides will abide by and implement the agreement with earnest to keep the China-U.S. trade relations in the right direction of mutual benefit and win-win, and deliver greater benefits to the people of our two countries."

"China’s development is a result of the wisdom and hard work of 1.4 billion Chinese people. And the rights of the Chinese people to pursue a better life is what should be there," said Vice Premier of China Cui Tiankai.

The Ambassador said there is great potential for greater China-U.S. cooperation, and the defining feature of this economic cooperation between our two countries is mutual benefit. People of both countries benefit from such cooperation. These facts haven’t and will not change.

"The China-U.S. relationship is now at a crucial juncture," said the Ambassador. "As we have reached the phase one trade agreement, it is now important that we leverage the opportunity earnestly, implement the strategic consensus reached between our two Presidents, and keep our bilateral relations in the right direction."

Cui said, "We need to strengthen strategic communication and dialogue on various levels to build trust, reduce misgivings and misunderstandings and misjudgment, and properly manage differences so as to build a China-U.S. relationship based on coordination, cooperation, and stability."

Cui thanked the president and friends from all the communities in the United States for their support to the healthy growth of China and U.S. relations. "Let’s work together in the New Year." 

Numerous individuals were recognized by President Trump during his remarks today including U.S. Senator Dan Sullivan, from the great state of Alaska. 

Later in a prepared statement U.S. Senator Dan Sullivan (R-AK) commended the President and his team - particularly U.S. Trade Representative Bob Lighthizer - for negotiating this trade agreement.

Sullivan wrote, "Today’s agreement is an important, serious, and much-needed first step in resetting the U.S. & China economic relationship. Importantly, it is positive news for Alaska’s fishermen. China’s commitment to purchase Alaska seafood at levels significantly exceeding the country’s historic purchases will be a welcome boon to a vital Alaska industry that has been caught in the middle of ongoing trade negotiations. Because of our seafood industry, China is Alaska’s largest trading partner. I have repeatedly urged President Trump, Ambassador Lighthizer, and Secretary of Commerce Ross to include seafood in Phase One of these trade negotiations, and I’m glad that they did so." 

Sullivan said, “While I am pleased to see a focus on addressing some of China’s most egregiously unfair trade practices, such as intellectual property theft, forced technology transfers, and barriers to financial services, China must still commit to the long-term structural changes to its trade and economic policies that are necessary for a freer, fairer and more reciprocal trade relationship with the United States. It will be imperative that China address the ‘promise fatigue’ that the U.S. has experienced in previous agreements, over many years, whereby China makes commitments to the United States and then does not follow through on them.”

This agreement will begin rebalancing the U.S. trade relationship with China and provide new opportunity for American businesses and farmers and fishermen.

On the Web:

Fact Sheet - White House

Read the Full Remarks by President Trump at Signing of the U.S.-China Phase One Trade Agreement

Source of News:

White House
www.whitehouse.gov

Office of U.S. Senator Dan Sullivan
www.sullivan.senate.gov

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