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A „historic and enforceable agreement“ has been reached to force China to undertake structural reforms and change its trade practices in the areas of intellectual property, technology transfer, agriculture, financial services and currency, the U.S. Trade Representative`s office confirmed in a statement. „President Trump has focused on a phase one agreement that has significant and fully applicable structural changes and is beginning to rebalance U.S.-China trade relations. This unprecedented agreement achieves these very important goals and would not have been possible without the strong leadership of the president,“ said U.S. Trade Representative Robert Lighthizer. The United States and China have reached an agreement on phase 1 of the trade agreement, Chinese government officials said on Friday. President Donald Trump confirmed the news in a tweet shortly after. The announcement comes after nearly a year and a half of attitudes between the world`s two largest economies, which have focused on trade imbalances, market access and concerns about intellectual property theft. Administrators said details of the phase one agreement will be released after the deal is signed on Wednesday. The agreement also delays the introduction of a 15% tariff on Chinese imports worth $156 billion, mainly consumer goods such as toys, clothing and electronics, which were due to come into force on Sunday. China and the United States are negotiating a so-called „phase one“ agreement to defuse their ongoing trade dispute, but it is not clear whether such an agreement can be reached in the near future.

On Monday, Deputy Trade Minister Ren Hongbin told reporters he hoped to reach a trade agreement with the United States. On Thursday and early Friday, Liu and U.S. Trade Representative Robert Lighthizer had the first high-level talks between Washington and Beijing since a previous agreement was broken in May and tariffs were raised in the months that followed. While the limited agreement may resolve some short-term problems, some of the most difficult disputes remain unresolved. U.S. targets in the trade war center charges of intellectual property theft, forced technology transfer and complaints about Chinese industrial subsidies.