Washington, D.C. – The United States and China confirmed on Friday that they have reached a “phase one” trade deal. While the exact text of the deal has not yet been released, it appears the U.S. will lift some tariffs in return for China spending $50 billion on U.S. farm goods.
Alliance for American Manufacturing (AAM) President Scott Paul said:
“The agreement announced today between China and the United States is simply not good enough for America’s workers. While details are still scarce, it appears the United States has agreed to roll back some tariffs and delay the consideration of additional ones, giving away much of our leverage, while kicking the can down the road on the most meaningful trade issues with China. That list is long, and includes Beijing’s massive industrial subsidies, its cyber-theft, the pervasiveness of its state-owned enterprises, and lax labor and environmental enforcement.
“These are tough issues, and the administration deserves credit for forcing China to the table, but it would be a mistake to abandon the attempt to fix them. Even if China refuses to budge from its mercantilism, the status quo contributed to the devastation of American manufacturing and stands in the way of future economic progress.”