Business Trump will sign a trade agreement with China today

Trump will sign a trade agreement with China today

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WASHINGTON – President Trump is expected to sign an initial trade agreement with China on Wednesday morning, ending the first chapter of a protracted and economically damaging struggle with the world's second largest economy.

The trade pact is expected to open Chinese markets to more US companies, increase agricultural and energy exports, and provide greater protection for US technology and trade secrets. But it retains most of the tariffs Trump has placed on Chinese products worth $ 360 billion, and maintains the threat of additional punishment if Beijing does not comply with the terms of the agreement.

"This is a great victory for American companies and farmers," Treasury Secretary Steven Mnuchin on the Fox Business Network said Tuesday, describing the agreement as "fully applicable."

Clete Willems, a partner of Akin Gump who left the White House last year, said the deal was important to show that the United States and China could solve problems with each other despite disagreements and high tensions.

"We do not solve all the problems with China in this agreement, there is no doubt about it," Willems said. "But what was done is really significant."

Trump and Liu He, Vice Premier of China, are expected to sign the agreement at the White House at 11:30 a.m.

Alan Rappeport contributed reports.

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