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Promises made, promises kept -- China Trade Edition

V-P

Hall of Famer
Jul 1, 2004
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Lee's Summit
Fully enforceable $200 billion annual trade agreement with China. This is just phase one.



From the official release: The new agreement makes good on a number of key promises to fix trade with China:
  • 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.
The work on a phase-two deal is already underway.

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