Here’s Why Trump’s Phase One China Trade Deal Is A HUGE Win For America! (VIDEO)
President Trump signed the ‘phase one’ trade deal with China, and it will be great for these reasons.
During a press conference, President Trump addressed why this new historic trade deal with China is so necessary for the United States.
“Since China joined the World Trade Organization two decades ago, we have racked up nearly five trillion dollars…in trade deficits,” said Trump.
Phase one of the trade deal involves China putting $200 billion into the U.S. economy. including $50 billion into American energy, $40 billion into agriculture, $75 Billion into manufacturing products, and $35-40 billion into services.
President Trump explained that this deal is necessary for ensuring peace between China and the United States in the future.
“China fully understands that there has to be a certain reciprocity that has to be, it cannot continue like this,” proclaimed the President. “It would be dangerous for it to continue like it was.”
Another section of the trade deal requires China to stop manipulating its currency and stealing U.S. intellectual property.
“The agreement addresses forced technology transfer policies that can require companies to give away their know how and trade secrets,” said President Trump. “So now when Boeing has some work done over in China or wants to sell planes over in China, they don’t have to give up every single thing that they’ve ever, you know, that they’ve worked so hard to, to develop.”
Chinese intellectual property theft costs the United States an estimated $600 billion a year.
In return, the U.S. will no longer be implementing a planned 15% tariff on $160 billion worth of Chinese goods, including cell phones and laptops.
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