AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE PEOPLE’S REPUBLIC OF CHINAPhase One Trade Agreement • July 19th, 2021
The United States and China have reached an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement. The United States has agreed to modify its Section 301 tariff actions in a significant way.
CLIENT ALERTPhase One Trade Agreement • May 31st, 2021
On January 15, President Trump and Chinese Vice Premier Liu He signed a “Phase One” trade agreement, the first formal text agreement between the two sides since the United States initiated the Section 301 investigation in August 2017, which has since led to mounting U.S. and Chinese tariffs affecting bilateral trade.
July 6, 2020Phase One Trade Agreement • July 7th, 2020
The US-China Phase One Trade Agreement was a significant achievement in ongoing efforts to advance a more balanced and mutually beneficial US-China economic and commercial relationship. We, the undersigned organizations, strongly support the Agreement and look forward to the benefits to two-way trade, investment, and growth in both countries that will result from its full and timely implementation. We also believe that successful implementation of Phase One will be critical to subsequent negotiation of a Phase Two Agreement.
February 4, 2020Phase One Trade Agreement • February 4th, 2020
On January 15, 2020, President Donald Trump and China’s Vice Premier Liu He signed a “Phase One” trade agreement. It forms part of an effort to resolve trade tensions that have been ongoing since March 2018, when the Office of the U.S. Trade Representative (USTR) published its Section 301 investigation into China’s trade- distorting practices.1 The deal includes commitments by China to purchase an additional $200 billion worth of U.S. products over 2017 levels in four sectors (manufactured goods, services, agricultural products, and energy) over the next two years.2 China also made new promises not to manipulate its currency,* protect foreign intellectual property (IP), and refrain from forcing foreign companies to transfer technology.
