China and the United States have agreed to work to put the first phase of the mutual trade agreement into practice. Referring to the joint statement of the negotiators of both countries, Reuters reported. According to them, “progress” has occurred in trade negotiations.
Chinese Deputy Prime Minister Liu Che spoke by telephone today with US Trade Representative Robert Lighthizer and Finance Minister Steven Mnuchin, the Chinese Ministry of Commerce said. According to him, both parties had a constructive discussion on a trade agreement and strengthening macroeconomic policy coordination.
Kjódó, referring to a source in the US Trade Representative’s Office, wrote that the negotiators noted “progress” in implementing the provisions of the agreement and also undertook to “take the necessary steps to ensure the success of the agreement”.
The first phase of the trade agreement was signed by US President Donald Trump with Deputy Prime Minister Liu in mid-January this year in Washington. It was the most important step to date to resolve the trade war between the two largest economies in the world, which has been going on for about two years.
The most important part of the agreement is Beijing’s promise to buy more goods and services from the US in exchange for US reductions in some tariffs. In view of the growing tensions in relations, which, in addition to trade disparities, are also burdened by disputes over the coronavirus pandemic, Hong Kong autonomy and the Chinese government’s repression in Xinjiang province, the agreement has not yet been implemented.