WASHINGTON – The first phase of trade deal between the United States and China received high praise from Congressman Frank Lucas.
The historic agreement takes a strong stand for American jobs and America’s workers, Lucas said. It protects America’s intellectual property, ends China’s unfair technology transfer process, opens financial services markets, and, most importantly, expands American agriculture, energy, and manufacture sales to China, he said.
In 2018, Oklahoma exported $239 million worth of goods to China, including $96 million worth of agricultural products. The agreement is positive news for Oklahoma’s farmers and ranchers and begins the process of holding China accountable to its trade commitments, he said.
The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years. Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement.