A Chinese delegation, led by Vice Premier Liu He, arrived in China Monday in preparation for signing of the phase-one deal with the U.S.
There have been more than 200 invited to the signing ceremony.
Despite some conjecture to the contrary, Treasury Secretary Steve Mnuchin said the agreement was not changed as it was translated and still calls for China to buy $40 billion to $50 billion in U.S. ag goods annually and a total of $200 billion in U.S. goods over two years.
The U.S. and China will undertake semiannual talks to push for economic reform and resolve disputes, similar to a format from previous administrations that Trump trade officials had once criticized. The effort (separate from trade talks) will be headed by and Liu, among other senior officials, according to a statement by Mnuchin and U.S. Trade Representative Robert Lighthizer.
As for enforcement, Mnuchin also said that if China does not comply with terms of the deal, “the president retains the authority to put on tariffs, both existing tariffs and additional tariffs.” A special office will be set up in each country to monitor implementation.
If conflicts are not resolved within 90 days, the U.S. could take unspecified “proportionate” action against China and vice versa..
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