US and China Pledge to Adhere to Trade Deal

Chinese and US trade delegates on Friday committed to creating “favourable conditions” for achieving the so-called Phase 1 deal signed in January.

 

The US government announced this on Friday.

The Phase 1 deal previously provisionally ended the trade war between the economic superpowers.

In the deal, China promised, among other things, to buy more American agricultural products and to further open up the financial market to foreign parties. The US waived a previously announced round of new import taxes.

According to US government officials, Chinese Deputy Prime Minister Liu He consulted by telephone on Friday with trade envoy Robert Lighthizer and Minister Steven Mnuchin (Finance).

Both countries agreed that “good progress” has been made in fulfilling the agreement.

Despite the corona crisis, the parties expect to meet the obligations associated with the deal on time, a government statement said.

The conversation follows days of mounting tensions between Beijing and Washington over the origins of the coronavirus.

President Donald Trump recently stated that he has evidence that the coronavirus comes from a laboratory in the Chinese city of Wuhan and alluded to new trade tariffs against China.