The deal will allegedly bring an end to a global economic battle between the United States and China.
US News quotes Vice President Mike Pence, who at the White House signing event said, “Today is the start of a new chapter in trade relations between the two largest economies in the world.”
According to Fox Business, “The document specifies that both China and the U.S. ‘shall ensure fair and equitable market access’ for businesses that depend on the safety of trade secrets. Specific measures that will protect pharmaceutical firms’ intellectual property, govern patents, block counterfeiting on e-commerce platforms and prevent exports of brand-name knockoffs are detailed.”
Trump has previously stated that a large amount of Chinese tariffs will not longer be in effect.
Fox Business features the full document of the Phase One Trade Deal, which is 94 pages.
“Together, we are righting the wrongs of the past,” Trump said as he signed the deal. “It doesn’t get any bigger than this.”
Trump says negotiations for Phase Two will begin immediately, although he implied that there may be further talks with regards to what happens during Phase One.