Us China Trade Agreement Update

The U.S. Trade Representative`s Office (USTR) also issued an announcement in which it expressed support for the trade agreement. “The parties looked at China`s steps to bring about structural changes, required by the agreement, that will better protect intellectual property rights, remove barriers to U.S. companies in the financial services and agriculture sectors, and eliminate forced technology transfer. The parties also discussed china`s significant acquisitions of U.S. products, as well as future measures needed to implement the agreement,” USTR said. “We have a major trade agreement,” Trump said, referring to the Phase 1 agreement signed in January. “But once the agreement was reached, the ink wasn`t even dry, and they met us with the plague,” he says, referring to the new coronavirus that first emanated from the Chinese city of Wuhan. Under the agreement, China has committed to purchase as much as $63.9 billion of U.S. covered goods by the end of 2020 compared to those basic plans for 2017.

The definition of the baseline for 2017 based on Chinese import statistics implies a purchase target of $173.1 billion for 2020 (in red in panel a). The definition of the baseline for 2017 based on U.S. export statistics implies a target of $159.0 billion by 2020 (blue in panel a). June 4-5, 2018: Two days of trade talks between the United States and China in Beijing. “We also need to be sure that the text of the agreement is the same in the Chinese and English versions – history has shown that differences become easy loopholes to exploit,” said Ker Gibbs, president of the U.S. Chamber of Commerce in Shanghai. The U.S. government has announced that it will suspend or denounce three bilateral agreements with Hong Kong, which include the release of fugitive offenders, the transfer of convicted persons and reciprocal tax exemptions on income from international ship operations. Discussions focused on goodwill, such as China`s promises to buy U.S. soybeans, pork, ethanol and other agricultural raw materials, and the U.S. promise to ease sanctions against Chinese telecommunications giant Huawei Technologies Co Ltd.

The White House issued a statement confirming China`s commitment to increase purchases of U.S. agricultural exports, but gave no details. China also confirmed the debate on the supply of U.S. agricultural products, but did not specify whether an agreement had been reached. Although the agreement also sets targets for purchases of certain services negotiated by China from the United States, these data are not reported monthly and are not processed here. The agreement also contains targets for 2021, which are not presented here. According to Caixin, Chinese Vice Premier Liu He called for calm in the face of the recent escalation of threats of trade war. Liu reportedly told an audience that China “strongly opposes” the recent escalation of the trade war. Liu also said the escalation of the trade war was “contrary to the interests of China, the United States and the world.” Later, US President Donald Trump told the media: “China last night called our trade men and said, “Let`s get back to the table,” so we`ll come back to the table and I think they want to do something.”

Posted on: April 14, 2021, by : greyson