Significant GDP growth expected from 'phase one'

Friday, January 17, 2020
 | 
Chris Woodward (OneNewsNow.com)

U.S. and China flagsA partial trade agreement between the U.S. and China has its share of critics and supporters.

Alfredo Ortiz, president and chief executive officer of Job Creators Network, says his organization believes the trade agreement is "one achievement of many" on the entire trade realignment effort with China, Japan, Korea, Canada, and Mexico that President Trump started about 18 months ago.

"This is a significant one because issues with China in trade have been punted by both sides of the aisle in terms of Republican and Democratic presidents, and we believe President Trump did what he had to do to level-set this and make it a much more fair and level playing field for our businesses in this country," Ortiz submits.

As of now, China has agreed to purchase $200 billion worth of U.S. agricultural products and other exports, and the U.S. and China agreed to work toward economic reforms and how best to resolve disputes.

Ortiz

"This is a very important and remarkable occasion," President Trump said at this week's signing ceremony. "Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers, and families."

But not everyone sees benefits of the so-called phase one of the U.S.-China trade deal.

"Phase one is not a trade agreement but just puts an end to costly escalation that was going nowhere," Brandeis International Business School Professor Peter Petri told NBC News.

"The two sides have reached a deal simply by avoiding the difficult issues like intellectual property protection in China," Mark Williams, chief Asia economist at Capital Economics, told NBC News. "China has no desire to change the way its economy operates."

Still, Alfredo Ortiz says the status quo was not working.

"Everybody knew that, but nobody was willing to take it on," Ortiz continues. "This is a great, great thing for America. And between this and the USMCA deal, we're looking at significant GDP growth."

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