The President’s Government Donald Trump has invited at least 200 people to a ceremony on January 15 to sign the Phase 1 of the trade agreement between U.S Y China, but both countries have not yet finished drafting what exactly they will sign, officials said Friday White House.
On December 15, the Commercial Representative, Robert Lighthizer, said a treaty to end the trade war between the two largest economies in the world, it was “totally ready”, minus the translation of an 86-page document into Chinese.
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Officials of the White House They said Friday that the translation is not yet complete, but economic advisor Larry Kudlow told Fox Business Network that “it is virtually complete” and the firm remains “as planned.”
Important Beijing officials and US lawmakers from the states affected by the trade war 18 months will attend the signing ceremony at the White House, between Trump and Chinese Vice Premier Liu He, according to several sources.
Past trade negotiations between the two countries have been marked by last minute overturns. In May 2019, an expected agreement was scrapped after Beijing removed the binding legal language from a draft.
US officials said in December that Beijing promised to buy an additional US $ 200 billion over the next two years as part of the agreement, including some US $ 40 billion a year in agricultural products. In return, Washington will cut Chinese goods tariffs in half worth nearly US $ 160,000 million.
Beijing has not confirmed the details and recent government actions in the agricultural industry make it unlikely to reach the goal of US $ 400,000 million.
Chinese officials have been careful not to publicly discuss the details of the Phase 1 agreement, because Washington has changed its position several times during the negotiations, said three Chinese sources with knowledge of the situation.