US and China Reach Phase One Trade Agreement
即时新闻 – 美中达成第一阶段贸易协定
As the ebb and flow of trade negotiations have continued since the United States and China announced a tentative phase 1 trade deal weeks ago, the DW Tariff Team has intentionally avoided passing on rumors and unfounded hearsay that tended only to create a misunderstanding as to where the parties were in memorializing the deal, but today we cautiously come back with exciting news! As highly anticipated, the US President signed off on a phase 1 trade deal with China. While details are still scant and speculation is still high, we thought it best to share only the official announcement from the US Trade Representative, Robert Lighthizer made this morning:
自从美中两国在几周前宣布暂定第一阶段贸易协议以来，贸易谈判的起落一直在继续，迪克森关税团队有意避免报道毫无根据的传闻以发生误解，但今天我们谨慎地回归并带来了令人振奋的消息！不出所料，特朗普总统签署了与中国的第一阶段贸易协议。由于公布的细节仍然很少且猜测众多，我们认为目前最好的方式是分享美国贸易代表Robert Lighthizer 今天上午所发布的正式公告：
The United States and China have reached an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement. The United States has agreed to modify its Section 301 tariff actions in a significant way.
“The US has focused on concluding a Phase One agreement that achieves meaningful, fully-enforceable structural changes and begins rebalancing the U.S.-China trade relationship. This unprecedented agreement accomplishes those very significant goals and would not have been possible without strong leadership on both sides,” said United States Trade Representative Robert Lighthizer.
“Today’s announcement of a Phase One agreement with China is another significant step forward in advancing the U.S. economic agenda. This landmark agreement marks critical progress toward a more balanced trade relationship and a more level playing field for American workers and companies,” said Secretary of the Treasury Steven Mnuchin.
The United States first imposed tariffs on imports from China based on the findings of the Section 301 investigation on China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation. The United States will be maintaining 25 percent tariffs on approximately $250 billion of Chinese imports, along with 7.5 percent tariffs on approximately $120 billion of Chinese imports.
We expect that more details regarding the announced tariff decrease will be released through a notice to be published on the Federal Register in the following days. As always, we will continue to follow USTR's action towards the 301 tariffs and report back with latest details. Stay tuned!
Dickinson Wright Law Firm
About Mark: Mark Heusel is an experienced commercial business attorney and serves as the Chair of the Firm’s China Practice Group. He has more than 25 years of experience in representing multi-national companies in the manufacturing, retail and automotive industries. Mr. Heusel’s experience includes advising foreign companies in the areas of foreign direct investment in the United States, business formation, Greenfield investment, international trade, commercial transactional matters, and dispute resolution. In his role as International Practice Group Chair, he serves as general counsel to companies throughout Asia and Europe, directing the firm’s resources to better assist his clients.
Mr. Heusel began his legal career by representing clients in a variety of litigation matters in state and federal courts and in various domestic and international arbitral forums. With more than 20 years of litigation experience, particularly in the areas of contract disputes, supply chain litigation, employment matters (including discrimination and wrongful discharge litigation), commission disputes, personal injury, and real estate and land use litigation, he gained invaluable first-chair experience in understanding and recognizing how a company’s success may be impacted by business disputes. Leveraging this experience, Mr. Heusel focused his career on assisting foreign companies entering the North American market. His interests and passion for helping companies in a proactive manner led to his current position as International Practice Group Chair, where he now has the opportunity to advise and counsel clients entering or expanding their businesses in North America.