The Office of the United States Trade Representative announced Friday that it will review the Economic and Trade Agreement Between the Government of the United States of America and the Government of the People’s Republic of China to determine whether the PRC is acting in accordance with the commitments it made in the agreement.
Signed January 15,2020 during the previous Trump Administration, the Phase One Economic and Trade Agreement between the United States and China introduced structural reforms in intellectual property, technology transfer, agriculture, financial services, and currency exchange. Key provisions include:
•Intellectual Property: Addresses longstanding issues, such as trade secrets, counterfeiting, and enforcement mechanisms.
•Technology Transfer: Prohibits forced technology transfers and ensures fair administrative practices and market-driven technology licensing.
•Agriculture: Removes non-tariff barriers to U.S. agricultural exports, boosting rural economic activity and job growth.
•Financial Services: Reduces restrictions and discriminatory regulations, enabling U.S. financial service providers to expand in China.
•Currency: Prevents competitive devaluation and promotes transparency to ensure fair trade.
•Trade Expansion: Commits China to purchase over $200 billion in additional U.S. goods and services above 2017 levels across various sectors.
•Dispute Resolution: Establishes mechanisms for fair and efficient implementation and enforcement, including bilateral consultations and proportionate remedies.
The U.S. agreed to adjust its Section 301 tariffs in response. The agreement aims to rebalance trade and improve market conditions, with vigilant monitoring of China’s compliance.
This review is conducted pursuant to Section 3(a) of the Presidential Memorandum "America First Trade Policy" signed on January 20, 2025.
The USTR Press Office also announced Friday that the USTR will "eview foreign trade practices to account for those practices which may be unfair to the United States, including those practices that may be unreasonable or discriminatory and that may burden or restrict United States commerce."
Aside from citing the relevant section of the President's "Amaericas First Trade Policy" no details were provided.
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