U.S. & China confident they will meet Phase One trade obligations
The U.S. and Chinese trade officials both fully expect to meet their obligations under the Phase One Trade Agreement in a timely manner.
U.S. Treasury Secretary Steven Mnuchin, Ambassador Robert Lighthizer, and Chinese Vice Premier Liu He said that during a late Thursday conference call, where they discussed economic and trade issues. In a statement from the U.S. Trade Representative’s Office, officials said both sides agreed that good progress is being made on creating the governmental infrastructures necessary to make the agreement a success. They also agreed that despite the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.
There has been speculation from economists including John Newton at American Farm Bureau Federation that China will have to swiftly step up purchases of U.S. ag goods yet this year to meet their phase one obligations.
The two countries also shared updates on the coronavirus pandemic and efforts to stabilize their economies.
The USTR office says meetings are required by the trade agreement and will continue on a regular basis.