US – China have “frank, realistic and constructive” exchange
CNBC quoted China’s Ministry of Commerce as saying that US Trade Representative Katherine Tai and Chinese Vice Premier Liu He had just had a “frank, realistic and constructive” exchange.
|According to the assessment of the Peterson Institute for International Economics, the trade agreement between the US and China is in its second year of implementation, but China’s imports of US goods are still short of commitments. File photo: AFP|
According to the Chinese Ministry of Commerce, the leaders in charge of trade negotiations between the US and China May 27 had the first phone conversation since US President Joe Biden took office.
The announcement by the Chinese Ministry of Commerce did not mention any details about the two sides’ trade developments or whether the tariffs imposed by the US under the administration of former President Donald Trump will be removed or not.
However, China’s Ministry of Commerce said the two sides had agreed to further exchanges and assessed this exchange as an exchange of “mutual respect”. Beijing often uses this phrase when talking about more favorable exchanges with the USCNBC radio station.
Meanwhile, the Office of the United States Trade Representative (USTR) said in a separate statement that Katherine Tai had discussed with the Chinese side about “labor-centric trade policies and views of the Chinese government.” on the US-China trade relationship, and raised concerns.”
The statement from the Office of the US Trade Representative did not specify what concerns were raised in the conversation with the Chinese side, but confirmed that Ms. Katherine Tai hopes to have discussions with the Vice Premier of China. Save Hac in the near future.
In related developments, the Peterson Institute for International Economics recently published a report assessing the implementation of the US-China trade agreement phase 1, in which data shows that China still “breaks its promise” in the agreement. this trade agreement.
The trade deal between the US and China is in its second year of implementation, but China’s imports of US goods are still short of commitments. Under the agreement, China will have to add at least $200 billion more than it did in 2017, to import goods and services from the US over the next two years.
Citing data from Chinese customs, Mr. Chad P. Bown, a senior expert at the Peterson Institute for International Economics, said that in order to move in the right direction, China would have to spend US$64.5 billion importing goods. The US in the first 4 months of 2021. However, data shows that China’s imports of US goods only reached 73% of the target for the first 4 months of the year.
The US and China signed a phase 1 trade deal in January 2020, after trade tensions escalated as former President Donald Trump sought to reduce the US trade deficit with China. A few weeks after the two sides signed this agreement, the Covid-19 epidemic began to spread rapidly in China and then turned into a global pandemic. The US trade deficit with China has widened amid the Covid-19 pandemic as the US increases imports of masks and other goods.