President Trump and Chinese Vice Premier Liu He have signed the “Phase 1” trade deal today. Recently the President announced the three-phase trade deal with China on October 11, 2019, and Phase 1 was supposed to be written over three weeks. Apparently, everything takes longer when negotiating trade issues with China, and Phase 1 was supposed to include intellectual property, financial services, and large purchases of agriculture products.
Now we have the opportunity to look at the details of the Phase 1 deal to see exactly what the two countries negotiated, the commitments China made, and what will be the impact on our industries and companies. The section 301 tariffs remain on Chinese products and so we will be paying close attention to the enforcement mechanisms in the Phase 1 deal as well as the prospect for “Phase 2” and a rollback of tariffs.
Some of the main agreements/topics of the Trade Deal are:
- Intellectual Property
- Technology Transfer
- Financial Services
- Expanding Trade
- Dispute Resolution
More information to come!
If you’d like to discuss how you can improve your process to mitigate the effects of these Tariffs or just to learn more, please reach out to www.jmrodgers.com