China and United States have officially signed their trade deal’s first phase, and thereby, put an end to all the tariffs that had been raised by the states over the course of the last two or so years.
Among all these tariffs that are to be affected one is from the 15th of December 15 which was against China and as part of the deal it is planned to be completely rolled back.
All the products that were planned to be hit by the 15th December’s tariff, and were never able to come into force that included laptop computers, cell phones, video game consoles, computer monitors, certain toys and other items of clothing and footwear, with these tariffs now rolled back will allow the United States consumers to avoid paying 10 percent extra for all these products.
In addition to this, the phase one of the deal will also provide greater protection for both the intellectual property and also the technology transfers. It will also increase the Chinese spending on the United States’ goods and their services, and provide United States’ companies with more open Chinese markets.
The trade deal will also make it comparatively easier for both the states to identify and to punish the acts like intellectual property theft, and counterfeiting.
Intellectual property theft was actually one of the major reasons why President of United States, Donald Trump initiated the trade war with the state of China in the first place.
US’ Trade Representative, Robert Lighthizer said that US must take a strong defensive action in order to protect its leadership in both technology and in innovation from the threat that is imposed to it by China’s theft of their intellectual property.