Tuesday, June 2, 2020

China pledges to buy $ 200 billion worth of U.S. goods over two years

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President of the United States Donald Trump shakes hands with Chinese Vice Premier Liu He at a signing ceremony for the "first phase" of the trade agreement between the United States and China, January 15th. Kevin Lamarque / REUTERS

It was as much a political rally as it was the signing of an international agreement. Donald Trump made the fun last for fifty minutes at the White House on Wednesday January 15. After being praised by his vice-president Michael Pence, the Republican president introduced his teams, then all of the Midwest elected officials present at the White House, but also the big bosses. "We have all who's who in business", rejoiced Donald Trump.

In attendance were finance billionaire Stephen Schwarzman (Blakstone), very close to the Chinese, new Boeing boss Dave Calhoun, but also Oklahoma oil magnate Harold Hamm. Donald Trump also praised Henry Kissinger, 96, who restored diplomatic relations with Communist China under Richard Nixon, Jared Kushner, the president's son-in-law, and Fox News host Lou Dobbs. Objective: show that Trump was in business with all of America while the "Democrats-who-do nothing", according to the expression of the american president, launched "Another scam", namely the Donald Trump impeachment trial.

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An “armistice” hailed by the markets

In the end, as the news channels began to zap on the Democrats at the Capitol, Mr. Trump announced that he would soon be going to China to meet his 'Friend' President Xi Jinping. He also gave the floor to negotiator Liu He, Chinese Premier, who had been standing for almost an hour. Liu read a letter from President Xi in Chinese, explaining that the deal was "Good for China, good for the United States and good for the world".

The negotiator then said a few words of satisfaction, prompting the " cooperation " rather than the "Confrontation", embellished with Chinese proverbs. It was only after the signing that the content of the 94-page agreement was released. This "Phase one" The Sino-US deal, signed after it was announced twice with a lot of media in late 2019, marks an armistice, hailed by the markets, which broke records on Wednesday.

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The most concrete measure concerns the expected increase in Chinese imports of American products, which is expected to reach an additional $ 200 billion over two years. The sum is divided into industrial products (78 billion), hydrocarbons (52 billion), services (38 billion) and agricultural products up to 32 billion. To this end, the Chinese are lifting a whole series of phytosanitary and non-tariff barriers to American imports.

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