CEA Chairman Kevin Hassett Cautiously Optimistic on Lighthizer’s Progress… #TopNews
U.S. Trade Rep Robert Lighthizer’s work on the U.S-China trade negotiations is easily the most technically challenging and legally complex trade deal in the history of U.S. Commerce. Lighthizer is not focused on selling more U.S. product, he is focused on bigger issues and enforcement therein.
Think about it. This is a deal between a U.S. open market economy and a communist controlled closed market economy in China. No nation has a comprehensive trade deal with China on anything except individual business sectors.
Despite China’s entry into the World Trade Organization, no nation has ever achieved anything close to an aggregate FTA (Free Trade Agreement) with China. This deal would be the first comprehensive deal, and as such Lighthizer is essentially mapping out an agreement that all other nations could follow…. This is big-league.
The protection of intellectual property; cyber security; patent protections and trade secrets; the removal of non-tariff trade barriers; protection for U.S. ownership of companies doing business in China; the confrontation of currency manipulation; and the sector-by-sector enforcement provisions are the primary objectives of Ambassador Robert Lighthizer.
The Chinese trade delegation wanted a relatively light framework for the MOU (Memo of Understanding); basically a six page outline. However, Bob Lighthizer and President Trump demanded heavy contractual terms that can be directly transferred from the initial agreement (MOU) into the final legally binding deal; a very ‘heavy’ MOU.
If there is to be a trade summit between President Trump and Chairman Xi Jinping, this is the contract they would be committing themselves to.
In this video interview below CEA Chairman Kevin Hassett is cautious to stay in his lane, but he hints that Lighthizer and Trump’s contract framework, the agreement in principle, is already “north of 100 pages” and still being worked hard.
[Video at 25:00 prompted, just hit play]
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