China has pledged action to confront pirated or counterfeited goods as part of the phase-one trade deal, US President Donald Trump said during the phase-one deal signing ceremony at the White House on Wednesday.
Trump explained that China will be spending $75 billion on manufacturing imports, $50 billion on energy imports, $50 billion agriculture imports and $40-50 billion on service imports from the US.
“Transfers and licensing of technology will be based on market terms in trade deal,” Trump added. “Trade deal includes very strong protection of intellectual property.”
Regarding US tariffs on Chinese imports, Trump explained that they will leave tariffs while negotiations continue and said they will remove them if they agree on a phase-two deal.