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US and China sign phase one of trade deal

Bloomberg1/16/2020 12:06 PM GMT+08  • 8 min read
US and China sign phase one of trade deal
Fixing the injustices of past trade deals is “probably the biggest reason why I ran for president,” says President Donald Trump.
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(Jan 16): The US and China signed what they billed as the first phase of a broader trade pact on Wednesday amid persistent questions over whether President Donald Trump’s efforts to rewrite the economic relationship with Beijing will ever go any further.

The deal commits China to do more to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a US$200 billion ($269 billion) spending spree to try to close its trade imbalance with the US. It also binds Beijing to avoiding currency manipulation to gain an advantage and includes an enforcement system to ensure promises are kept.

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