The agreement was signed Wednesday in Washington D.C. by Chinese Vice Premier Liu He and U.S. President Donald Trump. After the signing ceremony, Liu said the agreement would benefit not only both countries, but the world. The Chinese Treasury on Thursday released the full text of the first-phase economic and trade agreement between China and U.S. trade officials, saying the deal would end a long-standing practice of China pressuring foreign companies to transfer technology to Chinese companies, a precondition for market access. Lighthizer said China had also agreed to fight patent theft and counterfeit products, including forfeiture of counterfeit manufacturing machinery. The agreement aims to ease some U.S. economic sanctions against China, while Beijing must strengthen the purchase of U.S. agricultural products and other products. For example, Mr.
Trump cited beef, pork, poultry, seafood, rice and dairy products. Nevertheless, the Phase 1 agreement did not resolve Washington`s fundamental differences with Beijing, which depends on massive state intervention in the economy to turn China into a technological powerhouse. The government acknowledges that the agreement has not resolved some U.S. complaints, particularly the way the Chinese government subsidizes its businesses. That was the concern expressed when Trump sparked a trade war in July 2018 by imposing tariffs on Chinese imports. WASHINGTON (AP) – The United States and China reached a trade agreement Wednesday that eases tensions between the world`s two largest economies, offers massive export opportunities for U.S. farms and factories, and promises to do more to protect U.S. trade secrets. The house of representatives spokeswoman, Nancy Pelosi, D-Calif., said in a statement that “in the face of the loss of thousands of jobs in the processing industry and the country farm, ravaged by the damage caused by President Trump, Americans have no choice but a striking television ceremony to try to conceal the total lack of concrete progress, transparency or accountability in this “phase 1″ agreement.” We need to make sure that this is properly implemented,” Lighthizer said.