“By the second year, we will just about double exports of goods to China, if this, if this agreement is in place,” Lighthizer said.
U.S. Trade Rep. Robert Lighthizer told CBS “Face the Nation” that the U.S. will double its exports to China under the “phase one” trade deal.
“By the second year, we will just about double exports of goods to China, if this, if this agreement is in place,” Lighthizer said. “Double exports. We had about 128 billion dollars in 2017. We’re going to go up at least by a hundred, probably a little over one hundred.”
“Just massive numbers,” he said.
“This is totally done,” Lighthizer said on Sunday after months of mixed signals that had the media and the public wondering if China and the U.S. would ever stay at the table long enough to make any kind of deal.
“A phase one deal does the following: one, it keeps in place $380 billion worth of tariffs to defend, protect U.S. technology,” Lighthizer said.
Beijing had planned to impose 25% duties on American-made autos on Sunday, which would have raised the total charge to 40 percent. Hardest hit were Germany’s BMW AG and Daimler AG’s Mercedes unit, which ship U.S.-made SUVs and other cars to China.
Lighthizer could not say when negotiations for a phase two deal would begin.
“We don’t have a date, no. … We have to get the final translations worked out, the formalities,” he said. “We’re going to sign this agreement. But I’ll tell you this. The second phase two is going to be determined also by how we implement phase one. Phase one is going to be implemented right down to every detail.”
If China breaks the terms of the phase one deal, the U.S. would make a “proportionate reaction,” according to Lighthizer.
“There’s an enforcement provision that lasts 90 days. It takes 90 days and you get real, real enforcement,” he said. “The United States can then take an action if China doesn’t keep its commitments.”
FOX Business’ Audrey Conklin and The Associated Press contributed to this report.