China Trade Agreement Phase One
NEWS UNITED STATES TRADE REPRESENTATIVE Washington, D.C. 20508
FACT SHEET (international trade)
On January 15, 2020, the United States and China signed an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement. The United States has agreed to modify its Section 301 tariff actions in a significant way. Information on specific chapters of the Phase One agreement is provided below:
The Space Economy
The Space Economy Satellite Account (SESA) is a new, collaborative effort to measure the relative importance of the space sector on the U.S. economy, with a special emphasis on the growing commercial space segment. This new account is part of the economic satellite accounts produced by the Bureau of Economic Analysis (BEA). A satellite account refers to statistics that complement BEA's official U.S. economic statistics, such as GDP and personal income. These satellite accounts provide additional detail and allow for a more in-depth analysis of key sectors of the U.S. economy, such as health care, travel and tourism, and outdoor recreation.
The United States has reached an agreement with Mexico and Canada in the renegotiation of the North American Free Trade Agreement (NAFTA). When finalized and implemented, the new United States-Mexico-Canada Agreement (USMCA) will create more balanced, reciprocal trade that supports high-paying jobs for Americans and grows the North American economy.