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Ustr China Us Trade Agreement

According to a statement from his office, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin participated in a “regular phone call” with Chinese Vice Premier Liu He in the evening and both sides saw “progress” in the trade agreement. Claire Reade, a former USTR official and senior fellow at the Center for Strategic and International Studies, said the agreement offers some incremental progress for U.S. companies seeking access to the lucrative Chinese market. As part of the agreement, China agreed to increase its purchases of U.S. goods and services by at least $200 billion over two years, including $32 billion for agriculture alone, in a step that is expected to help reduce the chronic U.S. trade deficit. Despite the escalation of the conflict, the Phase 1 trade agreement is not being dismantled, U.S. officials say. “If the government lets the Phase 1 agreement die, it will be difficult to justify the pain caused by the long trade war,” she wrote in an essay this week. “I don`t see what China would benefit from not respecting.

My guess is that it won`t happen,” said Vaughn, a business partner at the Washington law firm King and Spalding. Trump first welcomed the first-phase agreement, which brought a ceasefire into the bloody trade war between the world`s two largest economies. “At the moment, the agreement serves the interests of the Trump administration and Chinese leaders,” said former USTR Miriam Sapiro, now chief executive of communications company Sard Verbinnen, adding that the requirements set out in the agreement were “never realistic.” Trade experts said there was little political benefit for U.S. President Donald Trump to abandon the deal at the time, which would admit that one of his biggest trade initiatives – already hammered by Democratic rival Joe Biden – had failed. The parties also discussed “significant increases in China`s purchases of U.S. products, as well as future measures needed to implement the agreement,” he said. The Phase 1 agreement, signed in January after nearly two years of speech, is the only area in which the world`s two largest economies are still working together. Chinese trade advisers say the slowdown in both economies due to de demonstration barriers has made it more difficult to meet purchase targets, but they do not expect the White House to leave. China`s state-running Xinhua news agency said Tuesday morning in Beijing that the two sides had a “constructive dialogue” and agreed to “create the conditions and atmosphere to continue the implementation of the trade agreement.” The agriculture chapter addresses structural barriers to trade and will support a dramatic expansion of U.S.

food, agricultural and seafood exports, increase income from U.S. agriculture and fisheries incomes, increase rural economic activity and boost employment growth. Many non-tariff barriers to agriculture and seafood in the United States are addressed, including meat, poultry, seafood, rice, dairy products, infant food, horticultural products, feed and feed additives, pet food and agricultural biotechnology products. They are “obliged to take the necessary steps to ensure the success of the agreement,” he said. The agreement requires discussions every six months on the development of the agreement. The United States and China are reported to have scheduled a video conference on August 15, but U.S. President Donald Trump said last week that he had postponed it. Nearly 90% of companies surveyed by the U.S.-China Business Council have a positive view of the trade agreement, but only 7% say its profits outweigh the cost of tariffs along the way. WASHINGTON/BEIJING (Reuters) – U.S. and Chinese leaders are expected to re-commit to a Phase 1 trade deal on Saturday in a review, although pre-purchases