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August 26, 2020

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China, US agree to 鈥榩ush forward鈥 their trade deal

Source: Agencies | 00:00 UTC+8 August 26, 2020 | Print Edition

TOP Chinese and US negotiators agreed to “push forward” their Phase 1 economic deal.

The pledge was made in a telephone call yesterday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin — their first formal dialogue since May — amid concern the deal could be on shaky ground because of worsening US-China ties.

The two countries confirmed the talks in separate statements. “The two sides had a constructive dialogue on strengthening the coordination of the macroeconomic policies of the two countries and the implementation of the Phase 1 agreement,” Chinese Ministry of Commerce said yesterday.

The two sides agreed to create conditions and atmosphere to continue pushing forward the implementation of the trade deal, the ministry added.

“Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” the US Trade Representative’s office said in a statement after what it described as a regularly scheduled call.

The call was originally expected on August 15, six months after the trade deal was launched, but was postponed.

Washington said the parties “addressed steps that China has taken to effectuate structural changes called for by the agreement.”

Under the Phase 1 agreement signed in January, both governments agreed to suspend additional penalties on each other’s goods in a fight launched by President Donald Trump in 2018 over China’s trade surplus.

China promised as part of the agreement to narrow its trade surplus with the United States by purchasing more American farm goods.

Data from China’s General Administration of Customs showed that the total value of China-US trade was 2.03 trillion yuan (US$293.36 billion) during the first seven months of 2020, down 3.3 percent from a year earlier and accounting for 11.8 percent of China’s total foreign trade.

“The coronavirus pandemic and US export control measures undoubtedly had an impact on Chinese purchases of US goods and services,” Ren Hongbin, assistant minister of Chinese Ministry of Commerce said earlier this month. He added that the current situation demands that the two sides work together and step up cooperation to overcome these difficult times.

The two governments have yet to announce plans for face-to-face talks in the next stage of negotiations.

Tensions between the world’s two largest economies have escalated over the last two years, beginning with a focus on trade and spilling over into technology and finance.
The Trump administration has levied tariffs on billions of dollars’ worth of Chinese goods.

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