Tipton: U.S. China Trade Deal ‘Just What Americans Needed for Christmas’
WASHINGTON—Today, trade representatives from U.S. and China agreed upon ‘phase one’ of a larger long-term trade deal. Following the announcement, Congressman Scott Tipton (CO-03) released the following statement:
“The U.S. economy is booming and Coloradans, especially those in rural areas, are starting to feel the benefits of our historic economic growth. At 2.6 percent unemployment, Colorado’s economy is strong, and today’s trade deal news has the potential to make the economy even stronger. Greater trade certainty between the U.S. and China will mean a reduction in tariffs, increased market access, and include good-faith promises that China will end its human rights abuses and intellectual property theft from American businesses. Combined, these elements will stoke confidence for small businesses on Main Street and provide a needed boost, especially in the agricultural community. I applaud the Trump Administration’s work to provide greater trade certainty between the world’s two biggest economies and look forward to ensuring that the remaining phases are finalized. This news is just what Americans needed for Christmas.”
Phase one of the deal would reduce tariffs on $360 billion worth of Chinese goods and cancel the next round of tariffs scheduled to take effect on December 15.
China’s Vice Minister of Agriculture and Rural Affairs, Han Jun also stated that China will significantly increase American agricultural purchases and details will come in the ensuing phases of the trade negotiations.
China is Colorado’s fifth largest export partner for agricultural goods, receiving more than $89 million of exports from the state in 2018.