What Is The Trade Agreement With China

Intellectual property theft was one of the trump administration`s main reasons for starting a confrontation with China. Previous governments have tried to get China to tackle the practice with limited success. Trump`s agreement is intended to facilitate the identification and punishment of theft and counterfeiting of intellectual property. For example, several provisions relating to the protection of confidential information are added, considered trade secrets and which, according to AMERICAN companies, are not well protected by Chinese law. These safeguards also include „electronic intrusions,“ a reference to hacking computer systems. An analysis by the Peterson Institute for International Economics showed that in January 2018, before the start of the trade war, China imposed uniform tariffs of 8% on average on all its importers. By June 2019, tariffs on U.S. imports had risen to 20.7%, while tariffs on other countries had fallen to 6.7%. [212] The analysis also showed that average U.S. tariffs on Chinese products rose from 3.1% in 2017 to 24.3% in August 2019. [213] The China-ASEAN Free Trade Agreement (CAFTA) is China`s first free trade agreement abroad and the largest free trade area. CAFTA has strongly encouraged the long-term stable and rapid development of bilateral trade and economic relations.

President-elect Joe Biden said Monday that the United States must join other democracies to write the rules of world trade, not China. The Chinese government says the U.S. government`s real goal is to curb Chinese growth and that the trade war has had a negative impact on the world. [58] [59] The Chinese government held the U.S. government responsible for the opening of the conflict and stated that the U.S. measures made negotiations more difficult. [59] Zhang Xiangchen, China`s ambassador to the World Trade Organization, said the U.S. trade representative was working with a „presumption of guilt“ and making assertions without evidence and relying on speculation. [60] The president`s approach could pay off politically.

He will embark on a re-election campaign with China`s commitment to strengthen its intellectual property protection, make large purchases of U.S. products and follow other economic changes that will benefit the U.S. economy. The big question, some say, is not whether the trade deal will survive, but what form of trade confrontation will take place at a time when U.S. economic policy toward China is less dictated by long-term national interests than by short-term electoral calculations. Green says the U.S. will „regret“ having two major multilateral agreements on the margins. He says this will bring two benefits to China: „On the one hand, there will be a narrative in the region that China is the new leader that has the most influence on trade and rules. And the second is that it will reduce barriers to trade with China at a time when the United States is doing nothing to reduce barriers to trade with the United States. Other senators from both parties have criticized Trump for the trade war, including Charles E.

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