The US President Donald trump said that after approval of the first phase of trade deals with China, the parties shall immediately discuss the terms of the second phase of the agreement. Trump also announced that it will not impose planned for December 15 additional duties on goods from China, as the parties agreed on the first phase of a commercial transaction, reports TASS.
“We will begin immediately negotiations on the second phase of a commercial transaction without waiting for the [presidential] election in 2020”, – he wrote on his Twitter page.
In addition, trump announced the cancellation of the introduction of the December 15, tariffs on some Chinese goods. “We reached agreement on the very large first phase [of the trade deal with China], said the American leader. Kicks duties, which were to take effect December 15 will not be imposed in connection with the fact that we have reached a deal.”
He also explained that previously entered the US “duty of 25% will remain in force, and on most of the remaining products act, a fee of 7.5%”.
Deputy representative of China in international trade negotiations, the Deputy head of Commerce Wang Shouwang confirmed the consensus. “China and the United States reached consensus agreement on trade in its initial stage,” he said at a press conference.
According to the official, the document will consist of nine items and to wear equal.
The authorities of China and the United States in bilateral negotiations also came to an understanding on several issues of intellectual property protection, including on the issue of non-disclosure of trade secrets.
“On the issue of intellectual property China and the United States are detailed negotiations. In this case, we have reached consensus in several areas, particularly regarding the protection of trade secrets – said van Showing. – For this we have agreed to enhance cooperation in the legal sphere.”
According to van Sovana, at a later stage, Beijing and Washington also will work together to combat counterfeiting. “We will have struck a powerful blow to the export of counterfeit goods and illegal registration of trademarks”, – concluded the official.
In addition, China plans to abolish higher tariffs on the part of products of US on 15 December. This was stated on Friday by Deputy Finance Minister of China Liao Ming.
“The US has pledged to repeal part of the higher tariffs on goods from China. We hope that they will keep their promises,” he said. – In turn we will apply the same measures and plan to abandon the original plan of 15 December”.
Trump said on Thursday, December 12 that Washington and Beijing are nearing the conclusion of a trade agreement. “We are very close to a big deal with China. They want it, and we do too!” – wrote the President on Twitter
The proposal States on the reduction of duties for Chinese goods were made in the last five days in the ongoing trade negotiations, the sources noted the WSJ. According to them, in response, the US require China to take on clear commitments to purchase large amounts of American agricultural products and other goods, as well as obligations to protect the rights of American companies ‘ intellectual property and access to the financial services market of the PRC.
It is assumed that the failure by China to any of the obligations under the first phase of a potential agreement will lead to the rise of fees to previous levels, the sources say.
The delegation of the United States and China have held several rounds of trade negotiations since October, and both parties have repeatedly confirmed that they expect to conclude the transaction..