CHINA, US TO REVIEW TRADE DEAL ON AUGUST 15
Senior US and Chinese officials will review the implementation of their Phase 1 trade deal and likely air mutual grievances in an increasingly tense relationship during an Aug. 15 video conference, two people familiar with the plans said, David Lawder wrote for Reuters on August 5, 2020.
The meeting plans were first reported by the Wall Street Journal. The US Trade Representative’s office and the US Treasury did not respond to requests for comment. Under the Phase 1 trade deal signed in January, China had pledged to boost purchases of US goods by some $200 billion over 2017 levels, including agricultural and manufactured products, energy and services.
But China, battered by the global coronavirus recession, is far behind the pace needed to meet its first-year goal of a $77 billion increase. Imports of farm goods have been lower than the 2017 level, far behind the 50% increase needed to meet the 2020 target of $36.5 billion. Beijing has bought only 5% of the energy products needed to meet the Phase 1 first year goal of $25.3 billion.