US Exports to China to 2X Under ‘P-1’ Deal

Phase One trade deal between Washington and Beijing has been “absolutely completed,” a top White House adviser said on Monday, adding that U.S. exports to China will double under the agreement.

“They are… going to double our exports to China,” National Economic Council Director Larry Kudlow said on TV.

The Big Q: What is in the U.S.-China ‘Phase One’ trade deal?

Under the trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese purchases of agricultural, manufactured and energy products increasing by about $20-B the next two years.

While US officials have touted the deal, Chinese officials have been more cautious, emphasizing that the trade dispute has not been completely settled.

“Make no mistake about it: the deal is done, the deal is completed,” Kudlow later told reporters at the White House. “The deal is absolutely completed.”

Asked if officials still planned to sign the deal the 1st week of January, Kudlow said: “That’s the hope.” Translations were still being worked out but he did not expect any changes to the final P1 agreement, he added.

Mr. Kudlow told reporters at the White House Monday that the 2nd phase of talks would start “pretty soon” but offered no specific date.

“Phase Two and its outcome will depend in some way on the success of Phase One. The two are going to be linked,” he said.

President Trump has said negotiations on a P-2 trade deal between the 2 economic giants would start immediately

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