Job Creators Network, one of the country’s largest pro-jobs grass-roots organizations that protects millions of people depending on the success of small businesses, on Friday, Dec. 13, praised President Donald Trump’s new China Trade deal as “another major victory for small businesses and ordinary Americans.”
“The agreement will significantly benefit small businesses, farmers, and ordinary Americans,” said Alfredo Ortiz, president and CEO of the Job Creators Network in a statement, reported the Breibart News.
“The deal requires China to make significant purchases of U.S. agricultural and manufacturing goods while making long-overdue structural reforms to protect American entrepreneurs’ intellectual property and technology,” Ortiz added. “The trade agreement comes on the heels of House Democratic agreement to support Trump’s USMCA, which will update NAFTA for the 21st century.”
President Trump announced on Friday that his administration and China had reached a “phase one” trade deal that would see a reduction in tariffs from both sides and increase China’s purchases of U.S. agricultural products.
…..The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!
— Donald J. Trump (@realDonaldTrump) December 13, 2019
The announcement came just days after the president and congressional Democrats struck a deal to pass the United States Canada Mexico Agreement (USMCA).
In a new deal with China, the U.S. agreed to cut in half the tariff currently set at 15 percent on around $120 billion of Chinese imports. The deal also canceled a new round of 15 percent tariffs scheduled to go into effect on an additional $156 billion of imports starting Sunday. The Trump administration would keep 25 percent tariffs on some $250 billion of Chinese imports for the next phase of trade talks.
Trump administration officials said that China had committed to purchasing between $40 and $50 billion in agricultural goods over the next two years.
“I think in agriculture they will hit $50 billion,” President Trump told reporters in the Oval Office. “It’s a phenomenal deal. And I say, affectionately, the farmers are going to have to go out and buy much larger tractors, because it means a lot of business, a tremendous amount of business.”
White House economic adviser Larry Kudlow said that he expected the agreement to be signed in a few weeks, adding, “This is an enormous first step. It represents an opening of China.”
“Yesterday’s landslide election victory for British Prime Minister Boris Johnson also paves the way for a bilateral free trade agreement between the United States and U.K., which will provide even more opportunities for American small businesses,” Ortiz concluded. “President Trump is successfully reorienting global trade networks in America’s favor, opening up new markets for exports while overcoming the unfair practices conducted by trading partners.”