US-China trade going 鈥榮moothly鈥
Print Edition
The implementation of the China-US phase-one economic and trade agreement is proceeding 鈥渟moothly, effectively,鈥 US-China Business Council President Craig Allen has said.
鈥淪o far as I know, that is proceeding smoothly, effectively, exactly as planned,鈥 said Allen, whose organization represents over 200 American companies that do business with China.
On the policy objectives, 鈥渢hings are going well,鈥 Allen said, noting 鈥淯S companies, indeed the US government, recognize that great progress has been made and that opportunities have been produced for foreign companies, including American companies.鈥
鈥淪o there鈥檚 a real correlation between Chinese interest and US interest here,鈥 he said.
Noting that he has seen 鈥渧ery good progress鈥 in Chinese imports of US agricultural products since April, the US business leader, however, said the overall results of trade expansion are 鈥渕ixed,鈥 due to the 鈥渦nforeseeable鈥 consequences of COVID-19.
鈥淥n the direct side, we see a definite slowdown in demand for imported products in China and that affects everyone,鈥 he said.
鈥淥n the indirect side, I would note that for example, energy prices are very low. And so therefore, even if you had a very high volume of imports, the value of those imports would be low,鈥 Allen said.
鈥淲e have to recognize the realities of COVID-19,鈥 he said, noting that both direct and indirect impact needs to be faced 鈥渟quarely鈥 and 鈥渉onestly.鈥
鈥淵ou can鈥檛 wish COVID-19 away.鈥
Amid strained China-US ties, Allen thinks it is especially important for the two sides to implement the trade deal fully and completely.
鈥淭here are many other tensions within the relationship, but we need to keep stability where we can find stability,鈥 he said.
According to USCBC鈥檚 estimates, approximately 2.4 million Americans are involved in US-China trade or investment.
鈥淚 think that the last thing that the US-China relationship needs is a disruption in trade and investment, which will hurt both of our citizens,鈥 Allen said.
鈥淲e need to think of the people, the workers, the farmers, and the ranchers that are active in US- China trade,鈥 he said.
鈥淲e should be careful to maintain the foundation of the relationship,鈥 which, he argued, is largely economy, trade and commerce based.
鈥淏oth of our Chinese history and American history show that our countries are strongest and most prosperous when our countries are open and welcoming trade and investment,鈥 Allen said.
The United States and China together account for 40 percent of the global economy, Allen said. 鈥淲e have mutual responsibilities to meet our commitments, and mutual responsibilities to global trade, to minimize disruption and maximize economic value for all.鈥
Noting that the International Monetary Fund is predicting a 鈥渞elatively robust鈥 recovery of over 8 percent in 2021 for China, Allen said 鈥渢hat makes China鈥檚 role as a global engine of economic growth even more important as the global economy struggles to recover.鈥
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