The Full Text Of The "Phase One" US-China Trade Deal

The full text of the 94-page US-China "Phase One" Trade deal is below, and here, courtesy of Bloomberg, are some of the top highlights:

Agriculture details:

  • China Purchases to Include Oilseeds, Meat, Cereals, Cotton
  • China to Buy Add'l $19.5B U.S. Agriculture Products in 2021
  • China to Buy Add'l $12.5B U.S. Agriculture Products in 2020
  • China to Approve Pending Applications for U.S. Bond Raters

As Bloomberg notes, China is committing to buying about $32 billion in additional U.S. farm products over the next two years, that's coming on top of levels seen in 2017 (pre-trade war). Specifically, China committed to importing at least $12.5 billion more agricultural goods this year than in 2017, rising to $19.5 billion next year. It's unclear just how this will happen without China's destroying existing supply chains. China will also “strive” to purchase an additional $5 billion a year in farm products.

(Click on image to enlarge)

Energy details:

  • China to Buy Add'l $33.9B U.S. Energy Products in 2021
  • China to Buy More U.S. Nuclear Power Equipment in Trade Deal
  • China Energy Purchases to Include LNG, Oil, Products, Coal
  • China to Buy Add'l $18.5B U.S. Energy Products in 2020

Chinese Purchases

  • During the two-year period from January 1, 2020, through December 31, 2021, China shall ensure that purchases and imports into China from the U.S. of the manufactured goods, agricultural goods, energy products, and services identified in Annex 6.1 exceed the corresponding 2017 baseline amount by no less than $200 billion.

Intellectual Property

  • The U.S. recognizes the importance of intellectual property protection. China recognizes the importance of establishing and implementing a comprehensive legal system of intellectual property protection and enforcement as it transforms from a major intellectual property consumer to a major intellectual property producer. China believes that enhancing intellectual property protection and enforcement is in the interest of building an innovative country, growing innovation-driven enterprises, and promoting high-quality economic growth.
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