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Manila Bulletin devider Business devider Trump hails China trade deal as 'much better' than expected

Trump hails China trade deal as 'much better' than expected

Published Jan 20, 2020 12:00 am
By Agence France-Presse AUSTIN - United States President Donald Trump on Sunday (Jan 19) hailed the trade deal signed last week with China for dramatically improving relations with Beijing, saying it was "much better" than he expected. US President Donald Trump, who said the former North American Free Trade Agreement was a US President Donald Trump, who said the former North American Free Trade Agreement was a "disaster" for the US, in 2017 triggered negotiations for the new trade deal (AFP/File / MANDEL NGAN / MANILA BULLETIN) The phase one deal marks a truce in the two countries' trade war after nearly two years of tensions. But with tariffs still in place on two-thirds of more than US$500 billion (S$673.5 billion) worth of imports from China, US consumers and businesses will be left to foot the bill. "This is an incredible success for our entire country," Mr Trump said on Sunday evening at a rally in Austin, Texas. He was speaking to a convention of the American Farm Bureau Federation. "I think China's gonna go all out to prove that the agreement that was signed is a good agreement. It's much bigger and much better than I ever thought we'd get," he said. Mr Trump also praised a new chapter in relations with Beijing, calling it "the best relationship that we've ever had with China in many, many years". "China respects us now," Mr Trump said. "They didn't respect us. They couldn't believe they were getting away with what they were getting away with." The US and China signed phase one of their trade deal on Wednesday, bringing relief to stock markets after prolonged trade friction. The deal is also a boon for Mr Trump as he faces an impeachment trial in the Senate this week, followed by a tough re-election fight. The agreement includes pledges from China to beef up purchases of US agricultural goods and other exports for two years, provides some protections for US technology, and new enforcement mechanisms that allow Washington to quickly impose penalties that Beijing cannot respond to.
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