US-China Trade Deal

25.08.2020

US Trade Negotiator Robert Lighthizer held telephone talks with US Treasury Secretary Steven Mnuchin and Vice Premier of the State Council of China Liu He.

According to Lighthizer, both parties see progress and are committed to taking the necessary steps to ensure the success of the trade deal.

The parties reviewed steps taken by China that will provide «greater protection of intellectual property rights, remove obstacles for American companies in such areas as financial services and agriculture, and eliminate forced technology transfer» according to the terms of the deal.

They also discussed increasing purchases of American products by 1.5 times and further actions necessary for the implementation of the agreement.

Under the terms of the trade deal, China must increase purchases of American products in 2020 up to USD 200 bln. The «First Phase» of the trade deal, which, according to the US and Chinese authorities, was supposed to create conditions for a full-fledged truce in the trade war, was concluded in January. The parties planned to move to the «Second Phase», but this could not be done due to the beginning of the coronavirus pandemic and strained interstate relations.

Recall that in mid-August, trade negotiations between the United States and China were supposed to take place. However, they were postponed due to the lack of readiness of the positions of both parties.


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