That a deal exists in writing is good news. Even better, both the Chinese and the Americans seem to be on roughly the same page
American trade deals typically stretch to thousands of pages. The new “phase one” trade deal between America and China takes up only 86. Robert Lighthizer, the United States Trade Representative gave journalists a glimpse of it on December 13th, hours after it had been agreed. And he said that after a few weeks of checks for legal errors and inconsistencies it would be published. He expected that it would then be signed in the first week of the new year.
On some details, Mr Lighthizer was more forthcoming than the Chinese. In return for the tariff reductions, he said that China would be ramping up by $200bn over two years its imports from America of agricultural products, manufactured goods, energy products and services. Negotiators had set out targets for categories of commodities, so that Chinese agricultural purchases from America would rise from a baseline of $24bn in 2017 to at least $40bn in 2020 and 2021, and perhaps even higher.
China, for its part, does not like the idea of becoming so heavily reliant on America for its imports of commodities such as soyabeans. And it had long insisted that it was unrealistic for Mr Trump to demand that it double its purchases of agricultural products from America. Intriguingly, China demurred from mentioning any hard targets in its statements about the trade deal.
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