Here's what's in the phase one China trade deal Trump is signing this week thumbnail

Here’s what’s in the phase one China trade deal Trump is signing this week

U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC.Chip Somodevilla | Getty ImagesU.S. and China trade representatives will end years of intense bilateral negotiations with a “phase one” deal on Wednesday that promises billions of dollars’ worth of agricultural purchases and the beginning of reforms to China’s longstanding practice of forced technology transfer.For all the pomp and circumstance expected at the signing ceremony — and repeated assurances from American negotiators — many are still unsure of exactly what the two nations are agreeing to.On paper, the deal includes a “dramatic expansion of U.S. food, agriculture and seafood product exports” as well as an agreement by China to end its long-standing practice of forcing or pressuring foreign companies to transfer their technologies to Chinese companies, according to a U.S. Trade Representative document.The USTR has also said the deal reiterates U.S. opposition to currency manipulation and a commitment by China to buy at least $200 billion in U.S. exports over the next two years.”We have been going through a translation process that I think we said was really a technical issue,” Treasury Secretary Steven Mnuchin told Fox News on Sunday. “And people can see. This is a very, very extensive agreement.”Top negotiators, including Mnuchin, U.S. Trade Representative Robert Lighthizer, and others are expected to attend the signing on Wednesday in Washington.P.J. Quaid, a corn options broker at the CME Group in Chicago, said he’s eager to learn how the White House plans to enforce the tenets of the phase one deal if Beijing skirts its obligations.”This thing’s been a crazy roller coaster since it started. A lot of people have become pessimistic because a lot of the purchases they said they’re going to make seem hard to attain,” Quaid said.”If this thing comes in under expectations, you could see sell-off,” he added. “It’s been a rough time for people trading Ags.” The Office of the United States Trade Representative did not return CNBC’s request for comment.Others were cautious after a Chinese media report suggested that Beijing isn’t as upbeat on the
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