Rep. McCaul: China has been 'ripping us off' and Trump is first president to 'significantly' take them on
Following President Trump signing a trade deal with China, Rep. Michael McCaul, R-Texas, on Thursday credited Trump as being the first president to confront China “head-on."
“This is the first president to significantly take China on. China has been ripping us off for decades. I really commend the president for taking them on head-on to make up for this trade imbalance. It’s going to be $200 billion overall in exports to China,” McCaul told “America’s Newsroom.”
NEIL CAVUTO ON TRADE DEAL: IF CHINA FOLLOWS THROUGH, IT'S A 'VERY BIG WIN' FOR TRUMP
Trump signed the first phase of a landmark trade agreement with China Wednesday, heralding a period of detente in a trade war fueled by decades of complaints that Beijing was manipulating its currency and stealing trade secrets from American firms.
The pact, detailed in a 94-page document, is only the initial phase of a broader deal that Trump has said may come in as many as three sections.
The agreement, first reported on Dec. 12, includes commitments from Beijing to halt intellectual property theft, refrain from currency manipulation, cooperate in financial services and purchase an additional $200 billion of U.S. products over the next two years.
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The purchases will include up to $50 billion of U.S. agriculture, according to Trump and Treasury Secretary Steven Mnuchin, $40 billion of which has been confirmed by Chinese sources. China will also buy $40 billion in services, $50 billion in energy and $75 billion to $80 billion worth of manufacturing, the sources said.
In addition, the Senate approved the U.S.-Mexico-Canada Agreement (USMCA) by a margin of 89-10 on Thursday, giving the Trump administration a big win as House Speaker Nancy Pelosi, D-Calif., claimed her fellow Democrats perfected the deal.
McCaul said both deals will give a "jolt" to an already thriving U.S. economy, helping farmers and the energy industry in Texas.
Fox Business' Jonathan Garber contributed to this report.