But we have an additional $200 [billion]. They are going to be what — what is, to me, very important. Number one, they’re going to be spending much more than $200 billion over the next two years, including up to $50 billion just on agriculture alone.
And some of the numbers that I wrote down — on manufacturing, they’ll be spending $75 billion. They’ll be putting into our country, okay? They’re going to be putting into our country $75 billion on manufacturing. Fifty billion dollars’ worth of energy. So that’s great for our energy people. We’re the number one in the world now; we weren’t. We’re now the number-one energy group in the world. We’re bigger than Saudi Arabia, and we’re bigger than Russia. We’re bigger than everybody. (Applause.)
And for those people that are in the room that are very much into it, of which we have a lot of the oil and gas folks in the room: I’m approving some pipelines in Texas momentarily, which will give you — which would’ve taken 15 more years to get. But you’re going to have them very quickly. I mean, we take from a 15-year period to about a 2-month period, and I’m angry at my people for taking so long. Right?
But if we do that, we’ll be up about another 22 percent in oil and natural gas. So we have $50 million for — $50 billion for energy, $50 billion for agriculture, and $40- to $50 billion on services, including, Rob, financial services. So the banks are going to be doing great. Credit cards — all of the things that you do so well. You’re going to be able to now go into China and really do a job. And they’re going to be working with you.
One of the other things I have to say is that protection of intellectual property — we have very strong protection of intellectual property. A lot of people thought this deal was just a simple deal for — the farmers are going to get $50 billion. Remember I said, Lindsey, they have to go out and buy larger tractors?
China was doing $16 billion with the farmers. And they stopped. Why not? You know, they’re in a negotiation. So our people agreed to $20 [billion], and I said, “No, make it $50 [billion]. What difference does it make? Make it $50 [billion].” They say, “Sir, our farmers can’t produce that much.” I said, “I love our farmers. Let them tell me they can’t do it.” And I said, “Tell them to go out and buy a larger tractor. Buy a little more land.” But they’ll be able to do it. I have no doubt they’ll be able to do it. (Applause.)
So, the other thing that I think we have is the currency devaluation standards. We have a very strong standard for currency devaluation. And, in all due respect, China was one of the greats in history at doing that, and we’re going to work on it together. But currency devaluation will now have some very, very strong restrictions and very powerful restrictions. And we have just full — again, the word — one of the strongest things we have: total and full enforceability. And you know what that means: total, full enforceability on all of this.
So, the agreement tears down major market barriers for U.S. food and agricultural exports. China will now welcome American beef and pork, poultry, seafood, rice, dairy, infant formula, animal feed, biotechnology, and much, much more. Because frankly, you know, they were not doing things that they were supposed to be. And that’s okay. Because now they will. The deal will also benefit energy, manufacturing services, and all sectors of the economy.
And I will say this: This deal — again, they thought it was a 50-billion-dollar agricultural deal. Now it’s much more than $200 billion, of which 50 is agricultural. But the rest is in all of the other things that we just discussed, especially for financial. And you should really look at it. And you have a free pass. And you don’t have to worry about the 49 percent where you can’t own, because you’re going to be able to own now. And you’re not going to have to take partners that are forced upon you. It’s an incredible deal from that standpoint, too.
We’re delighted that the Chinese consumers will now enjoy the greater access to the best products on Earth — those made, grown, and raised right here in the USA.
So phase one, which has been really incredible — you know, we almost had the whole deal done, but this is better. This is a more detailed deal for this aspect of the deal. It was such a big deal before. And this is a much more — much more targeted, much more powerful deal for everything we’re doing, which is a very large part of the deal.
But we’re going to be starting phase two, as soon as this kicks in. We’ll be starting phase two. We’re leaving tariffs on, which people are shocked, but it’s great. But I will agree to take those tariffs off, if we are able to do phase two. In other words, we’re negotiating with the tariffs. We have 25 percent on $250 billion worth of goods. And then we’re bringing the 10 percent down to 7.5 percent on $300 billion worth of goods plus.
So — but I’m leaving them on, because otherwise we have no cards to negotiate with. And negotiating with Liu is very tough. But they will all come off as soon as we finish phase two. And that would be something that some people on Wall Street will love, but from what I see, they love this deal the way it is now. But we have very strong cards. And, frankly, China and I are going to start negotiating with Bob and Steve and everybody very, very shortly.
So, from this nation’s vibrant heartland to our gleaming cities, millions of workers and farmers and innovators have waited decades for this day. We never even had a deal with China. In all fairness, I don’t blame China. I blame the people that stood here before me. I don’t blame China. I told that to President Xi. I was in Beijing, making a speech, saying how they’re ripping us off. And guess what? He wasn’t too happy. I looked at him. I said, “He’s not happy.” And I said, “I better change the speech quickly.”
So I said, “I don’t blame him. I blame our Presidents.” And I’m right. We should’ve done the same thing to them, but we didn’t. We didn’t. We never had a deal with them. They’d do whatever they wanted it.
With this signing, we mark more than just an agreement; we mark a sea change in international trade. At long last, Americans have a government that puts them first at the negotiating table. First in trade. First in every deal, every decision, and every action we take with incredible enforceability.
As we move on to phase two, I look forward to continuing to forge a future of greater harmony, prosperity, and, really, commerce — commerce and — far beyond commerce, between the United States and China. This is something that — far beyond even this deal — it’s going to lead to a even stronger world peace.
We now have — we now have a big investment in each other and in getting along with each other. And this deal is phase one. We’ll probably be able to conclude it with phase two. We don’t expect to have a phase three. But it’s something that we all want to get done, and it’ll be a tremendously big deal. This is something that’s going to be so special, however, to our manufacturers, our farmers, our bankers, our service people. Nobody has ever seen anything like it. This is the biggest deal there is anywhere in the world, by far. And that’s good.
We’re doing another big one next week. But this is the biggest deal anybody has ever seen. And it can lead to being a deal that’s unprecedented, because China has 1.5 billion people, and ultimately, in phase two, we’re going to be opening up China to all of your companies. So I hope you folks can handle it.
So now I’d like to ask Ambassador Lighthizer and Secretary Mnuchin to say a few words, please. Thank you. (Applause.)
AMBASSADOR LIGHTHIZER: Mr. President, Mr. Vice President, Mr. Vice Premier: It is an honor to be here for this momentous event. The President has long fought for fair and balanced trade for Americans. He has, for years, complained about our enormous trade deficit with China and the unfair practices which have, in part, contributed to it.
Indeed, solving the trade crisis was a major objective of his campaign and of his administration. The United States and China are two great countries with two great economies, but two very different economic systems. It is imperative that we develop trade and economic rules and practices that allow us both to prosper. The alternative is not acceptable for either of us.
This phase one agreement is the result of over two years of hard work. It is an important part of the President’s economic plan, and it is a big step forward in writing the rules needed and developing the practices that we must have going forward.
This agreement will benefit both the United States and China. I am grateful to the President for allowing me to be part of this plan. I am grateful to Secretary Mnuchin, my friend with whom I have worked so closely on this and on so many other matters.
Finally, I would like to thank and acknowledge the more than 60 men and women at USTR and other agencies who have worked so hard on this, day and night, for so many months.
I should begin with Ambassador Jeffrey Gerrish, who’s my deputy, who led this effort. Thank you for your patriotism. (Applause.)
I would also like to single out Ambassador Gregory Doud, who is my agriculture deputy — (applause) — and the Assistant USTR responsible for this enormous effort, Terry McCartin. (Applause.)
This was a great — this was a great team effort by my office, as well as the Departments of Treasury, Agriculture, Commerce, and many others.
I should all also acknowledge the hard work of the Chinese side. Vice Premier Liu He is a leader who is diligent; patriotic; as near as I can tell, always working; and has proven himself honorable.
To appreciate — (applause) — we appreciate also the efforts of Minister Zhong. Thank you to Liao Min, his principal — the Vice Premier’s Principal Deputy, and the rest of your team. Once again, congratulations, President Trump. And congratulations, President Xi. (Applause.)
SECRETARY MNUCHIN: Thank you very much. Mr. President, Mr. Vice President, under your leadership, the economic policies of this administration are working. Tax cuts, regulatory relief, and now great trade deals are making the U.S. economy stronger and helping American business and workers and farmers.
This is an incredible accomplishment. I want to particularly thank Ambassador Lighthizer. You’ve done an extraordinary job leading this effort across, literally, in enormous resources. Every single agency contributed to this. The White House. This was a real team effort. So thank you very much for your extraordinary job.
I’d also like to thank the Vice Premier and his team. We could not have done this without all of you. This was a lot of hard work. And again, I’d like to thank you and President Xi. A great step forward, momentous agreement between our two countries. Thank you. (Applause.)
PRESIDENT TRUMP: By the way, I have to just tell you that a woman is in the room who loves her state so much. And I didn’t introduce her before because I wanted to say for — you have been so great. Would you please stand up, Shelley? West Virginia Senator. Thank you. Great. Thank you, Shelley. (Applause.)
So I want to, again, thank the Vice Premier for the work we’ve done together. It’s been — it’s been an incredible number of months. It was stop and go. And it looked like it was pretty much going to be stop and never go.
But I’d like to now invite you, on behalf of the great nation — and it is indeed a great nation. In fact, I’d like you to just relax a little while. Take it easy. Go out, see a movie. Tell President Xi I said, “President, go out. Have a round of golf. See a movie.” “No, no, no. I am too busy.”
But they are workers. This China is an incredible, incredible nation. And I’d like to have you say a few words. Mr. Vice Premier, please. (Applause.)
VICE PREMIER LIU: (Inaudible.) (Off-mic.)
PRESIDENT TRUMP: Yes. Yes.
The Vice Premier would like to read a letter that was just sent to me, I found out, from President Xi. And we’ll ask the interpreter to come up, please. Okay? Thank you very much. That’s very nice.
PRESIDENT TRUMP: Thank you very much. (Applause.) That’s beautiful. Thank you.
PRESIDENT TRUMP: Well, just in closing — and we’re going to sign right now, but it just doesn’t get any bigger than this — not only in terms of a deal, but really in terms of what it represents.
Keeping these two giant and powerful nations together in harmony is so important for the world — not only for us, for the whole world. And the world is watching today.
So it’s a great honor to be involved. It’s a great honor, Mr. Vice Premier, to be with you. Thank you very much. Thank you very much. (Applause.)
(The agreement is signed.)
1:06 P.M. EST