THE 'phase one' US-China trade deal will nearly double US exports to China over the next two years and is 'totally done' despite the need for translation and revisions to its text, says US Trade Representative Robert Lighthizer.
Lawyers are now reviewing the text so that it's ready to be signed in the first week of January, reports Bloomberg.
It's also being translated. US Trade Representative (USTR) Lighthizer and his counterpart Vice Premier Liu He will likely do the signing in Washington. Once signed, the deal will take effect 30 days later.
Mr Lighthizer, speaking on CBS' Face the Nation, said there would be some routine 'scrubs' to the text but 'this is totally done, absolutely.' He said a date and location for senior US and Chinese officials to formally sign the agreement is still being determined.
The deal, announced after more than two and a half years of on-and-off negotiations between Washington and Beijing, will reduce some US tariffs on Chinese goods in exchange for increased Chinese purchases of US agricultural, manufactured and energy products by some US$200 billion over the next two years.
China has also pledged in the agreement to better protect US intellectual property, to curb the coerced transfer of American technology to Chinese firms, to open its financial services market to US firms and to avoid manipulation of its currency.
Also included is a commitment by China to increase its buying of US agricultural products to $40 billion to $50 billion in each of the next two years.
These are numbers that are realistic and that we arrived at together,' said Mr Lighthizer, adding that the specific breakdown of targets for individual commodities will be classified and not disclosed to the public.
The agreement will include a dispute-resolution mechanism that will serve as the enforcement arm. That process is in line with how other US trade agreements are enforced.
Complaints of one party will be brought to a US-China working group and if officials can't resolve their dispute, a decision will be made at the ministerial level of what action to take. That action could include tariffs or other measures.
Mr Lighthizer said he thinks China will keep their promises. On the CBS show, he said the provision lays out a 90-day enforcement period.
It was announced that negotiations for the next phase would start immediately, though his trade chief said no date for future talks had been set.
WORLD SHIPPING
Lawyers are now reviewing the text so that it's ready to be signed in the first week of January, reports Bloomberg.
It's also being translated. US Trade Representative (USTR) Lighthizer and his counterpart Vice Premier Liu He will likely do the signing in Washington. Once signed, the deal will take effect 30 days later.
Mr Lighthizer, speaking on CBS' Face the Nation, said there would be some routine 'scrubs' to the text but 'this is totally done, absolutely.' He said a date and location for senior US and Chinese officials to formally sign the agreement is still being determined.
The deal, announced after more than two and a half years of on-and-off negotiations between Washington and Beijing, will reduce some US tariffs on Chinese goods in exchange for increased Chinese purchases of US agricultural, manufactured and energy products by some US$200 billion over the next two years.
China has also pledged in the agreement to better protect US intellectual property, to curb the coerced transfer of American technology to Chinese firms, to open its financial services market to US firms and to avoid manipulation of its currency.
Also included is a commitment by China to increase its buying of US agricultural products to $40 billion to $50 billion in each of the next two years.
These are numbers that are realistic and that we arrived at together,' said Mr Lighthizer, adding that the specific breakdown of targets for individual commodities will be classified and not disclosed to the public.
The agreement will include a dispute-resolution mechanism that will serve as the enforcement arm. That process is in line with how other US trade agreements are enforced.
Complaints of one party will be brought to a US-China working group and if officials can't resolve their dispute, a decision will be made at the ministerial level of what action to take. That action could include tariffs or other measures.
Mr Lighthizer said he thinks China will keep their promises. On the CBS show, he said the provision lays out a 90-day enforcement period.
It was announced that negotiations for the next phase would start immediately, though his trade chief said no date for future talks had been set.
WORLD SHIPPING