U.S. President Donald Trump has reportedly approved a proposed U.S.-China trade deal that would involve removing existing tariffs on Chinese products and halting new increases in exchange for China`s promise to drastically increase its purchase of U.S. agricultural products in 2020. Economists at financial firm Morgan Stanley expressed concern about the end of the trade war, but warned in June 2019 that this could lead to a recession. [321] The two sides disagree on new measures to reduce the U.S. trade deficit with China within 100 days. On May 20, 2019, the Footwear Distributors and Retailers of America, a professional shoe association, issued an open letter to President Trump under its leadership: “On behalf of our hundreds of millions of shoe consumers and hundreds of thousands of employees, we ask you to stop this action immediately” and we are referring to the trade war. [295] [296] On 1 June 2018, following similar measures taken by the United States, the European Union launched proceedings against the WTO against China, which accused China of adopting discriminatory trade practices against foreign companies and undermining the intellectual property rights of EU companies. European Commissioner for Trade Cecilia Malmstrom said: “We cannot allow any country to force our companies to abandon this hard-won knowledge at its border. This is contrary to the international rules on which we have all agreed in the WTO. [330] U.S., European and Japanese officials discussed a common strategy and took action against China`s unfair competition. [332] [333] The ultimate goal of the Trump administration`s trade war was to change China`s trade policy, while tariff enforcement and the negative economic effects of the trade war were also criticized. Among U.S.

industries, U.S. companies and agribusinesses opposed the trade war, although most farmers continued to support Trump. Some U.S. politicians disagree with Trump`s tactics, but most agree with the goal of putting pressure on China. [20] At the end of November 2019, none of the leading Democratic presidential candidates said he would eliminate tariffs, including Joe Biden and Elizabeth Warren, both of whom agreed that the United States must deal with what it sees as China`s unfair trade policy. [21] In addition to a significant increase in Chinese agricultural purchases in exchange for tariff facilitation, officials also said that a Phase 1 pact would involve China`s commitments to do more to stop intellectual property theft and an agreement between the two sides not to manipulate their currencies. WASHINGTON – The United States and China have signed a trade agreement that official figures say will lead to a sharp increase in U.S. goods and services sales to China, which will further open Chinese markets to foreign companies, especially in the financial services sector, and provide strong new protection for trade secrets and intellectual property.