And the agreement does little to solve more damaging structural problems related to China`s approach, particularly its model of subsidizing and supporting major industries that compete with U.S. companies such as solar and steel. U.S. companies accuse these economic practices of flooding the United States with cheap Chinese products. Chinese Vice Premier Liu He, who signed the agreement on behalf of China, said the agreement was rooted in “equality and mutual respect” and defended his country`s economic model in his statements. Morocco Since the implementation of the free trade agreement between the United States and Morocco in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S. exports to Morocco increased 269 percent to $1.2 billion, while U.S. imports from Morocco were $788 million. USTR US-Morocco Page FTA “I think this may be a useful pause in the downward spiral of U.S.-China relations,” Susan Shirk, a professor at the University of California, San Diego, said of the trade deal. Today, we are taking an important step that china has never taken towards a future of fair and reciprocal trade, as we sign the first phase of the historic U.S.-China trade agreement.
Together, we are correcting the injustices of the past and creating a future of economic justice and security for American workers, farmers and families. And it will be a great agreement for both countries. That is well over $200 billion, and it will grow every year. It also unites countries. In total, U.S. exports to China are expected to reach $263 billion in 2020 and $309 billion in 2021. While Washington calls it a big profit and U.S. companies and farmers could be appeased by these commitments, analysts believe that achieving this trade goal will be a challenge for China.
Wendy Cutler, vice president of the Asia Society Policy Institute, which negotiated trade pacts for the Obama administration, called the benefits “reasonable but modest.” U.S. sales of cars, trucks and parts also fell to just 33 percent of the previous target. Before the trade war, China was the second largest export market for U.S. vehicles.