Trump does not mince words and speaks of phenomenal agreement: "Buy new tractors, a great season for business is coming".
The Chinese will buy $ 197 billion worth of American goods over the next two years and the US pledges to buy $ 156 billion worth of Chinese goods. The deadline of January 19 for the imposition of new tariffs is for now frozen.
The US has reduced the tariffs applied to 15 billion dollars of Chinese products already in circulation in the stars and stripes market from 7,5 to 120%. On the other hand, there remains the 25% levy on a sum of 250 billion dollars which, as the Secretary of the Treasury, Steven Mnuchin, specifies, the United States will use as an instrument of pressure for the second phase of the negotiations. Trump will soon travel to Beijing for phase two, the most difficult one, where China should review its policy of supporting and controlling the large groups that carry out most of their business in Western countries.
The agreement, the text of which is secret, signed between Donald Trump and Deputy Prime Minister Liu He includes a phase one and a phase two. To date, the media only know the contents of the summary released by the US government. On the sidelines of the signing of the agreement a Trump elated he said: "Together we are straightening out the mistakes of the past. Unlike my predecessors, I keep my promises". Liu He, on the other hand, read a message signed by President Xi Jinping: "It's a good deal for China, the United States and the whole world ".
Trump's goal, writes the Corriere della Sera, is to halve the trade deficit with China, which for years had stood at around $ 300 billion. On paper, therefore, the operation was successful. Wall Street reacted with a 0,5% rise. Over the next two years, China is committed to purchasing US goods for a value of 197 billion dollars. Including 32 billion in soy and pork. The US, on the other hand, will not trigger tariffs on toys and electronic items for an amount of 156 billion dollars. The commitments made by the Chinese for the next 24 months is definitely challenging. This includes the $ 32 billion worth of soy and pork and other goods, which should add up to a total of $ 40 billion in order value per year. The largest share, however, is that for manufacturing products, 80 billion, followed by the purchase of energy, essentially shale gas, for 50 billion and finally, the opening to financial services for 35 billion. However, the American mistrust of Huawei and 5G technology remains.