As part of the agreement, China pledged to buy $200 billion in new U.S. products in the production, energy, agriculture and services sectors over the next two years. While much remains to be done, the «Phase One» agreement offers Trump a political chip on which he can refer as a point of progress, as he stumbles for re-election this year, while allevering the pressure to achieve further results in the ongoing dispute until a second term. The text of the U.S.-China agreement has yet to be published, and according to a government official, will not be released until Wednesday`s official signing. «In the past, trade agreements have generally been signed by trade ministers, not presidents,» Hillman said. «But when the president signs a trade agreement, it`s almost always with other presidents.» More generally, Trump has mocked the trade deficit with China as a whole. While an agreement on the purchase of other U.S. products could allay these short-term concerns, trade balances are influenced by an avalanche of other factors, including exchange rates and the strength of an economy. No agreement has yet been signed and part of this agreement has not yet been written. Trump said Friday that the agreement was «subject to everything,» but added that he sees no problem with the process. Trump hailed the deal Friday as a «phenomenal deal.» Minutes earlier, at a press conference in Beijing, Chinese government officials confirmed that there was an agreement.
The agreement also excludes manufacturing provisions. And it appears to allow China to maintain its high tariffs on U.S.-made cars for now. However, it was not known to what extent the agreement addressed key concerns that the United States has raised in the past, such as Chinese policy, which pressures foreign companies to transmit technologies and trade secrets in order to gain access to Chinese markets. The sales agent`s office stated that there were «binding and enforceable obligations to deal with many of these practices.» A final agreement will be announced on Friday, said one of the direct requests. The text of the agreement could be officially signed on Friday by China`s envoy to Washington, Cui Tiankai, said another person who was informed of internal talks. China has strongly opposed all U.S. demands, which it sees as efforts to interfere in its economy. Negotiators discussed some measures, such as China`s requirement to disclose more information about how it subsidizes its industries, and people familiar with the discussions say such talks are ongoing.