China and Singapore signed the China-Singapore Free Trade Agreement on October 23, 2008, during a visit to China by Singapore`s Prime Minister Lee Hsien Loongs. Under the agreement, the two countries will accelerate the liberalization of merchandise trade on the basis of the China-ASEAN Free Trade Agreement and further liberalize trade in services. While other presidents have tried to change China`s economic approach, Mr. Trump has pledged to do so. The agreement calls for “China to ensure” that its purchases reach $200 billion by 2021, guaranteeing an export boom as Mr. Trump enters the 2020 election. WASHINGTON (AP) – The United States and China reached a trade agreement Wednesday that eases tensions between the world`s two largest economies, offers massive export opportunities for U.S. farms and factories, and promises to do more to protect U.S. trade secrets.
“A White House ceremony cannot hide the stark truth about China`s “Phase 1″ trade agreement: the agreement does absolutely nothing to reduce China`s subsidies to its manufacturers,” Scott Paul, president of the Alliance for American Manufacturing, which includes manufacturers and the United Steelworkers union, said in a tweet. All these “forgotten men and women” in American factories have once again been forgotten. The government acknowledges that the agreement has not resolved some U.S. complaints, particularly the way the Chinese government subsidizes its businesses. That was the concern expressed when Trump sparked a trade war in July 2018 by imposing tariffs on Chinese imports. Regarding the energy purchases in the agreement, Trump told Senator Joni Ernst, the Iowa Republican, who was present, “You got ethanol, so you can`t complain.” But the deal has a lot of criticism on both sides that Mr. Trump`s tactics have been economically damaging and that the deal leaves many important economic issues unresolved. “We also need to be sure that the text of the agreement is the same in the Chinese and English versions – history has shown that differences become easy loopholes to exploit,” said Ker Gibbs, president of the U.S. Chamber of Commerce in Shanghai. “The Phase 1 agreement contains reasonable commitments, but does not meet the government`s original objectives,” said Wendy Cutler, a former U.S. negotiator who is now vice president of the Asia Society Policy Institute. Other Chinese concessions would force Bejing to make major changes to its state-dominated business model, meaning that “the prospects for a timely conclusion are very remote,” she said.