For the second bilateral meeting at the Davos summit, President Trump meets with President Simonetta Sommaruga of the Swiss Confederation. [Video and Transcript]
Prior to Davos bilat #1 President Trump holds a media availability with President Ursula von der Leyen of the European Commission. [Video and Transcript Below]
White House manufacturing policy advisor Peter Navarro has an interview today to discuss the enforcement mechanisms behind the U.S-China trade agreement.
One of the interesting points Navarro raises is how the intellectual property provisions align with the newly initiated Customs and Border Protection “operation megaflex” where thousands of packages from China are opened looking for counterfeit goods.
According to Navarro the operation has identified a counterfeit rate of ten percent; fake goods and contraband narcotics. China prosecuting these identified companies becomes part of the compliance system to see if China is adhering to the agreement.
Commerce Secretary Wilbur Ross, the coolest cat in the crew, appeared tonight for a discussion on economics and trade with Lou Dobbs. Secretary Ross discusses the current status of the economy and how the two trade agreements have established the foundation for a completely restructured U.S. trade relationship for years to come.
Wilburine notes the Europeans are nervous thinking about the wolverine teeth that will soon be heading in their direction. Good Stuff. WATCH:
White House Manufacturing Policy Advisor, Peter Navarro, appears on Fox Business with Charles Payne to discuss the ramification of China ‘phase-one’ and the USMCA for the middle-class blue-collar economy. Excellent interview, WATCH:
In advance of the Senate beginning the impeachment trial of President Trump, the upper chamber ratified the USMCA trade agreement with an 89-10 vote. The agreement now moves to the White House where President Trump will sign it.
The final ratification is the result of two-years worth of renegotiated trade reform, and the outcome gained bipartisan support in both the House and Senate. The only republican senator who voted against the deal was Pat Toomey of Pennsylvania who is concerned the USMCA will weaken the position of Wall Street multinationals.
Nine democrat senators did not support the agreement because there wasn’t enough verbiage to support their climate change priorities, and the USMCA does not align with the Paris Climate Accord. [Vote Tally Here]
USMCA gives American producers better access to Canadian dairy markets, and creates a cornerstone for a revitalized U.S. manufacturing base. The deal has much more strict rules of origination for the auto-sector with 75% of parts and materials must be made in north America. Combined with the requirement that 40% of those industrial parts must come from plants where workers make a minimum of $16/hr, the U.S. auto-industry will gain significant benefits.
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Treasury Secretary Steven Mnuchin appeared on Fox News with Brett Baier for a more detailed discussion of the U.S-China ‘phase-one’ trade agreement. Additionally, Secretary Mnuchin discussed the status of sanctions with Iran and his view on impeachment.
After the signing ceremony to celebrate a historic U.S-China ‘phase-one’ trade agreement, President Trump and the U.S. trade delegation hosted Vice-Premier Liu He and the Chinese delegation for a luncheon. [Video and Transcript Below]
I just want to say this is a great day for both China and the United States. This is an agreement that people have been talking about for 40 years and never were able to get even a piece of paper signed. And we never had an agreement. And this is going to be a great agreement for both countries. It’s far greater than $200 billion, and it’ll grow every year. It also unifies the countries.
White House National Economic Council Director Larry Kudlow appears on FOX Business for his first interview since the signing of the U.S.-China trade deal. Mr. Kudlow is optimistic but also shares notes of caution for the compliance and enforcement aspects.
Earlier today President Trump, together with his trade delegation and the delegation from China represented by Vice-Premier Liu He, signed a new, fully-enforceable Phase One Trade Agreement. This is the first ever trade agreement any nation has attempted to change the dynamic of how a free-market system (USA) can engage with the Communist system within China. [Video Below – Transcript ADDED]
While ‘phase-one‘ was structurally created to set the foundation, and test the principles of enforcement, this historic trade agreement will frame the text that all other free-market nations will follow in their own efforts to come to a substantive agreement with Beijing.
This is a really big deal on a worldwide scale of international commerce. Structurally the biggest changes inside China relate to Intellectual Property protections, U.S. ownership of assets, and changes within the Chinese legal system to stop Forced Technology Transfer.
During the ceremonial remarks Vice-Premier Liu read a statement from Chinese Chairman Xi Jinping to commemorate this historic trade agreement.
Today, we take a momentous step — one that has never been taken before with China — toward a future of fair and reciprocal trade, as we sign phase one of the historic trade deal between the United States and China. Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers, and families.