The Phase 1 trade agreement between the United States and China was signed on January 15, 2020, and it marked a significant milestone in the ongoing trade war between the two countries. The agreement was aimed at reducing tensions and addressing some of the longstanding issues that had been at the heart of the dispute.

The agreement was welcomed by both countries, with President Trump calling it a “historic and momentous” deal that would benefit American farmers, workers, and businesses. So, what were the key details of the Phase 1 trade agreement?

Under the agreement, China committed to purchasing an additional $200 billion worth of American goods and services over the next two years. This includes $77 billion in manufactured goods, $52 billion in energy products, $32 billion in agriculture, and $38 billion in services. The agreement also includes specific targets for purchases in each of these categories.

In addition, China agreed to improve protection for intellectual property rights, which has been a longstanding concern for American companies operating in China. This includes measures to prevent the theft and forced transfer of technology and the enforcement of intellectual property rights.

Another significant aspect of the agreement was the commitment by China to address the issue of currency manipulation. The agreement includes specific provisions to ensure that China does not devalue its currency in order to gain an unfair advantage in trade.

The Phase 1 trade agreement also addressed some of the regulatory barriers that have been hindering American companies from accessing the Chinese market. This includes measures to streamline the process for obtaining licenses and permits, and to ensure that American companies are treated fairly in the Chinese market.

Overall, the Phase 1 trade agreement represents a major breakthrough in the U.S.-China trade relationship. While there are still many issues that need to be addressed, the agreement provides a framework for further negotiations and cooperation between the two countries. As the world`s two largest economies, the U.S. and China have a vital interest in maintaining a stable and productive trade relationship, and the Phase 1 trade agreement is an important step towards achieving that goal.