'China-US phase-1 trade deal has bearing on world peace'

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IANS | 16 Jan, 2020
Chinese Vice Premier Liu He has said that the phase-one economic and trade agreement between Beijing and Washington was more than an economic deal, as it also had a bearing on world peace and prosperity.

The agreement benefits both countries and the whole world, and serves the interest of global producers, consumers and investors, Liu told the media here on Wednesday night after he signed the deal along with US President Donald Trump in the White House.

After the signing of the deal, China will work together with the US side, adhere to the principle of equality and mutual respect, abide by the terms of the deal and strive for the full implementation of the agreement, he added.

The Vice Premier also said that the China-US relationship is one of the most important bilateral ties in the world.

"In the whole process of consultations (with the US side), I strongly feel that the international community as a whole hopes our two countries can settle differences properly and our two peoples also eagerly want us to well address our problems," said Liu.

China and the US formally signed the phase-one economic and trade agreement here on Wednesday after 18 months of barbs and sanctions that have hurt manufacturers on both sides and raised tensions across global markets.

The deal will relax sanctions on China and Beijing in turn, will increase purchases of mainly US farm products.

As of now, the Trump administration has abandoned plans to slap tariffs on an additional $160 billion in Chinese imports and has halved existing tariffs on $110 billion of Chinese imports. The Trump government says China is all set to buy $40 billion a year in US farm products.

Even after the deal is signed, US tariffs on $360 billion in Chinese imports will however, stay in place.

Also addressing the media following the signing, Trump said the agreement fixes the "wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families".