(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) announced his strong support for President Donald Trump’s Phase One trade deal with China, which will require Beijing to purchase U.S farm goods, commit to respecting intellectual property rights, and increase the transparency in their currency and financial services sectors, in exchange for partial relief from American tariffs.
“China has not been playing by any rules for decades. President Trump made it a priority of his Administration to fight back against the atrocious trade practices of the People’s Republic of China, which have stolen American patents and imported toxic goods to the United States. With this deal, the President has forced Beijing to take down its protectionist barriers to economic opportunity for American businesses, while also maintaining protections for our domestic manufacturing base,” LaMalfa said. “This is just the start. I look forward to continuing to work with this Administration to ensure our farmers and businesses get a fair deal in China, and every country that trades with the United States.”
Announced details of the Phase One trade agreement with China include:
- Maintains 25% tariffs on $250 billion in goods imported from China
- Defers 15% tariffs on $160 billion of Chinese imports scheduled for December 15
- Decreases 15% tariffs on $120 billion of goods imported from China to 7.5%
- The United States and China will establish a trade dispute resolution system with “prompt and effective” enforcement
- China has agreed to $50 billion in U.S. farm goods purchases per year, over two years – double the amount Beijing imported in 2017
- China will have to strengthen protections for foreign companies
- China will have to provide more transparency on their currency changes
- China will have to open up their domestic market to American financial services
- China will have to increase their protections for American intellectual property
Congressman Doug LaMalfa is a lifelong farmer representing California’s First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.
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