Top U.S. and Chinese trade officials are expected to recommit to a Phase 1 trade deal during a review on Saturday, even though China's promised purchases of U.S. exports are far behind schedule.
WASHINGTON/BEIJING - Top U.S. and Chinese trade officials are expected to recommit to a Phase 1 trade deal during a review on Saturday, even though China’s promised purchases of U.S. exports are far behind schedule.
The Trump administration has sanctioned companies and individuals linked to a security crackdown in Hong Kong and human rights, banned a Chinese owned video app, penalized Chinese academics and closed Beijing’s consulate in Houston in recent months. “Being able to sit down and communicate with each other is a good thing,” said a Chinese state think tank economist who has advised Beijing on the trade deal, while cautioning there was little optimism about further trade breakthroughs.
Imports of farm goods have been lower than 2017 levels, far behind the 50% increase needed to meet the 2020 target of $36.5 billion. And even some Trump administration officials have been wary of reigniting a tariff war that would roil markets and likely knock down the S&P 500“At the moment, the agreement serves the interests of the Trump administration and Chinese leaders,” said former acting USTR Miriam Sapiro, now a managing director at communications firm Sard Verbinnen, adding the requirements set in the deal were “never realistic.
“I don’t see what China would gain from a failure to comply. My guess is that will not happen,” said Vaughn, a trade partner with the King and Spalding law firm in Washington.
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