U.S President Donald Trump has signed a phase one trade deal with China at the White House. It was a part of an obvious easing of tensions between the U.S and China. Both sides agreed on phase one agreement after last year’s 2 exchanged retaliatory tariffs. Donald Trump signed the agreement on Wednesday, with Vice Premier of China, Liu He during a ceremony. It clearly describes it as a landmark deal to provide handsome benefits to the American farmers. The administration of Donald Trump has reportedly agreed to postpone new tariffs against Beijing in exchange for China purchasing $200 billion worth of goods and services from the United States over the next 2 years.
Beijing also agreed to enhance its purchasing for soybeans from the U.S farmers. It is noteworthy that the U.S agriculture industry was critically hampered by the trade dispute. President said, “Now our efforts have yielded a transformative deal. The guarded deal has been subject to unfair criticism from Democrats”. Trump claimed they were conducting a hoax of an impeachment process and unaware of the specifics of the agreement his administration made with Beijing. Republican Deb Fischer celebrated the agreement and said the new agreement was positive news for farmers and ranchers in the country.
The deal has been subject to widespread criticism from analysts. They said it does little to curtail China’s subsidies to its own manufacturers. The former vice president Joe Biden said issued a statement and said China is the big winner in the phase one agreement. The 2020 hopeful informed Bloomberg News in a statement, she said, “True to form, Trump is getting precious little in return for the significant pain and uncertainty he has imposed on our economy, farmers, and workers. It’s no wonder Trump doesn’t want the American people to see the text of the deal until after it’s signed. No one should be fooled by Trump’s empty promises to deliver a meaningful phase two deal.