China's yuan strengthens after signing of Phase 1 trade deal


-China trade deal was officially inked on Wednesday, in a ceremony featuring U.S. President Donald Trump and Chinese Vice Premier Liu He.

Under the agreement, China commits to buying at least $200 billion worth in USA exports within the next two years, according to CNBC. Based on White House estimates, China will buy $35 billion in services, $53 billion in energy, $80 billion in manufactured goods and $32 billion in agricultural exports.

"The deal is good for China, the United States and the whole world", agreed the Beijing representative, who had signed the pact with Trump during a press event at the White House.

China will boost purchases of United States goods and services by $200 billion over two years in exchange for the rolling back of some tariffs under an initial trade deal signed by the world's two largest economies, defusing an 18-month row that has hit global growth.

US Chamber of Commerce chief executive Thomas Donohue said it was critical that both parties begin negotiations on phase two of the deal.

Chinese President Xi Jinping has said that there are a thousand reasons to make the China-US relationship work, and no reason to break it, Liu noted, stressing that cooperation is the only right choice for the two countries, especially in the new era.

Trump has described the accord as a "phase one" agreement and said the administration will take up other issues - such as China's state subsidies - in future negotiations.

In the deal, the U.S. has agreed to halve some of the extra tariffs in exchange for promises from China over intellectual property and commitments to purchase more American goods. Trump said earlier that the next phase isn't expected to be signed until after the US presidential elections in November.

Prior to the start of the trade war, China bought $130 billion in U.S. goods in 2017.

Prior to the signing, Mnuchin said the deal puts pressure on Beijing to stay at the negotiating table and make further commitments - including on cyber-security and access for USA services firms to the Chinese markets - in order to win relief from the tariffs that remain in place. The signing came hours after Democrats named the team that will prosecute Trump in an impeachment trial that starts early next week. Till now China has never imported more than $26 billion of farm products in a year.

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Commenting on the deal, Einar Tangen Beijing based current affairs commentator told PTI that Wednesday's deal is more of a trade truce and much of the promises made by China to purchase United States goods can not be enforced.

Some other US trade deals, such as the new US-Mexico-Canada Agreement, employ third-party arbitration panels to settle disputes.

"I sit down and say: 'Alright, let's just see how this plays out.' There's some really bold numbers there with the regard to the amount of purchases that China is committed to, or supposedly committed to".

What's next: There's already talk of a "phase two" deal that could address some of the larger issues. "We have to make sure this is implemented properly", Lighthizer said.

SHAPIRO: That is NPR's Scott Horsley on phase one of this trade agreement with China. China also canceled scheduled tariffs.

"We encourage the administration to stay at the negotiating table until the U.S".

We mark a sea change in global trade.

China has agreed to import the following USA agricultural products: Apples, cherries, hops, blueberries, potatoes, barley, alfalfa hay, cut flowers, onions, apricots, grapes, and timothy hay.

As part of the deal, China will buy 40-50 billion dollars' worth of agriculture goods over the next two years.