As a global economic powerhouse, China has become a crucial trading partner for many countries around the world. In recent years, the United States has been at the forefront of negotiations with China to establish fair trade agreements that benefit both countries.
So, what trade agreements do we have with China? Let`s take a closer look.
The first major trade agreement between the US and China was the 1979 Trade Agreement, also known as the Bilateral Trade Agreement (BTA). This agreement laid the foundation for the economic relationship between the two countries and opened the door for increased trade and investment. It included provisions for intellectual property rights protection, investment regulations, and market access.
However, as China`s economy grew and became more competitive, the US began to see a trade deficit with China and concerns over intellectual property theft and market access barriers. This led to the negotiation of the US-China Trade Act of 2000, which paved the way for China`s entry into the World Trade Organization (WTO) in 2001.
Since then, several additional trade agreements have been made between the US and China. In 2019, the two countries signed a partial trade deal known as the US-China Phase One trade agreement. This agreement addressed issues such as intellectual property theft, currency manipulation, and agricultural trade.
Despite these agreements, trade tensions between the US and China have remained high in recent years, with both countries implementing tariffs and other trade barriers. The ongoing trade war has had a significant impact on global trade and has led to increased uncertainty for businesses around the world.
Overall, the trade agreements between the US and China have been significant in opening up trade and investment opportunities between these two economic giants. However, ongoing tensions and disagreements over trade policies and practices have made it difficult to establish a mutually beneficial agreement.
As negotiations continue, businesses worldwide will be watching closely to see how these two economic superpowers navigate their complex relationship and how it will affect global trade in the years to come.