Title: Trump speaks to media during meeting with Chinese officials (Phase 1 trade treaty agreed to) Source:
YouTube URL Source:https://www.youtube.com/watch?v=fvHLs0vA5jc Published:Oct 11, 2019 Author:Bad Orange Man Post Date:2019-10-11 19:28:48 by Tooconservative Keywords:None Views:758 Comments:7
Trump spoke with the Chinese VP present in the Oval Office. Trump's ag secretary and treasury secretary were both present and spoke very briefly. The Chinese vice-premier was accompanied by his trade negotiation team and he did confirm vocally that an agreement is concluded.
Getting the full agreement written will take 3-4 weeks. This was a high-level agreement and Phase 2 of the trade agreement will be negotiated once the Phase 1 treaty is signed. There may also be a Phase 3 of the treaty, depending on how the first two phases are laid out.
IP protection
raising American ag exports to China from $8B currently, past the historic high of $16B, and reaching $40B-$50B
structural ag trade issues on biotech and sanitation standards to aid American farmers in exports
financial services agreement
currency & foreign exchange, including both central banks
Trump was very serious about this. It is a major milestone for his presidency, perhaps the most important thing he has accomplished, even more than stopping the refugee scam at the southern border or deregulation or appointing so many federal judges. Certainly, this ranks up with any of those. And this fulfills one of Trump's central campaign promises.
Unless this deal somehow falls apart completely, Wall Street will hit major new highs. Soon.
This was a very high level announcement. It will be hard for China to pull back from what they have already agreed to in this Phase 1 treaty. It was announced and agreed to in the Oval Office with Trump's cabinet members and the Chinese trade team present. Very hard for them to pull back from it now.
The truth is that China has to change and they already know it. They have become a First World country, no longer a low-skill industrializing Third World economy. China can't continue to grow and develop without substantial internal and external economic changes. They've gotten as far as they can go with the trade model of the past decades. They've ridden that horse as far as they can.
And they were frightened by Trump's tariffs because that would have encouraged a lot of multinationals to start moving factories out of China to places like Vietnam. And that would shift China from being at the center of many production and distribution chains. Once those factories leave, they don't come back any time soon. Cutting a trade deal gets rid of the tariffs and the Chinese keep the production chain centered in China, something they really need to maintain as a primary engine of their economy.
