US ‘Satisfied’ With China’s Commitments to Phase One Trade Deal - Forex News by FX Leaders
US 'Satisfied' With China's Commitments to Phase One Trade Deal

US ‘Satisfied’ With China’s Commitments to Phase One Trade Deal

Posted Friday, August 14, 2020 by
Arslan Butt • 1 min read

The Trump administration is ‘satisfied’ with China’s adherence to the terms of phase one trade deal so far, as confirmed by White House chief economic adviser Larry Kudlow. The phase one trade deal, which was signed earlier this year, is up for a six month review on Saturday.

Kudlow made these remarks while addressing reporters at the White House on Wednesday, adding that China “is now really picking their imports of our commodities — which is a great boon, by the way, for the U.S. agriculture and farm sector. We have big differences with China on other matters, but regarding the Phase 1 trade deal, we are engaging.”

The initial review of the partial trade agreement comes in the wake of rising tensions between the two countries even as the coronavirus pandemic rages on and threatens to destabilize the global economy. Due to the pandemic, China has not yet purchased as much of farm products and other manufactured goods from the US as per their initial commitment.

According to the agreement, China is expected to increase its imports from the US by around $200 billion over the next couple of years, of which around $77 billion should have been added in 2020 alone. US Trade Representative Robert Lighthizer has told Trump that China had increased its purchase of US commodity exports from around 20% in 2017 to around 40% presently.

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