Trade Agreement Timeline
In a late-night cable in Washington, Beijing looks back at almost every aspect of the proposed trade pact. 1973-79 – During the seventh round, launched in Tokyo, Japan, Gatt reached an agreement on the removal not only of tariffs, but also of trade barriers, such as subsidies and import licences. Tariff reductions have reached more than $300 billion. 2005 September – Frenchman Pascal Lamy takes over the right of WTO director. He was previously Eu Trade Commissioner. December 1, 2018: After meeting with Chinese President Xi, President Trump announced that he will maintain tariffs on $200 billion worth of goods on January 1, 2019 at a rate of 10% and will not raise them to 25 percent by that date. China will agree to purchase an as yet un agreed but very significant amount of agricultural, energy, industrial and other products from the United States in order to reduce the trade imbalance between our two countries. China has agreed to immediately begin purchasing agricultural products from our farmers. The two countries also agree to begin negotiations without delay on structural changes related to forced technology transfer, intellectual property protection, non-tariff barriers, cyberintrusion and cyber theft, services and agriculture. Both parties agree that they will seek to complete this transaction within the next 90 days. If the parties fail to reach an agreement at the end of this period, the 10% tariffs will be increased to 25%.
[Corrective Measures] August 3, 2018: The Office of the U.S. Trade Representative announced that it would review Turkey`s eligibility for the Generalized System of Preferences (ApS) program, which provides duty-free access to the U.S. market. The USTR stated that it had initiated the audit on the basis of 1) concerns about Turkey`s compliance with the GSP access criterion; 2) Turkey`s retaliatory duties on U.S. products in response to U.S. tariffs imposed in March 2018, pursuant to Section 232. In 2017, the United States imported $1.66 billion from Turkey under the GSP program, representing 17.7% of total U.S. imports from Turkey. ApS` main import categories were vehicles and vehicle parts, jewellery and precious metals, and stone items. [Trade agreements] According to reports, the United States would be willing to announce tariffs on all remaining Chinese products by early December if the talks between Trump and Xi on the G20 in Argentina fail. Based on 2017 trade figures, this would mean new tariffs on Chinese products worth about $257. If this were to be announced in early December, the tariffs are expected to come into effect in February 2019.
However, according to Larry Kudlow, a White House economic adviser, the Trump administration continues to work on Beijing`s implementation of its trade agreement. March 4, 2019: U.S. Trade Representative Robert Lighthizer announced that the United States intends to end the designations of India and Turkey as beneficiaries under the Generalized Preferences Program (GSP). Office of the U.S. Trade Representative (USTR) says India`s resignation from the GSP follows its failure to assure the United States that it will provide fair and equitable access to its markets in many sectors. Turkey`s decision of the GSP follows the finding that it is sufficiently economically developed and should no longer have preferential access to the US market. Interprofessional organizations representing U.S. distributors and importers, such as the American Apparel and Footwear Association (AAFA), expressed concern about the USTR`s decision.