US and China confirm progress on Phase 1 trade deal
The United States and China see progress in implementing the Phase One Sino-US Trade Agreement. Such data were published following a call with the participation of the US representative at trade negotiations Robert Lighthizer, US Treasury Secretary Stephen Mnuchin and Vice Premier of the PRC State Council Liu He.
As TASS writes with reference to the press service of the US representative in trade negotiations, both sides see progress and intend to continue to take the steps necessary to ensure the success of the agreement.
The text specifies that the parties discussed China’s steps towards greater protection of intellectual property rights, and also discussed a significant increase in purchases of American products from Beijing.
On August 19, it was reported that the United States and China are planning to hold a video conference in the coming days to take stock of the first phase of the trade deal between the countries.
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A day earlier, American leader Donald Trump said he had postponed trade talks with China. At the same time, the American leader added that he does not want to deal with Beijing at the moment. When asked by reporters about whether the United States would break off trade agreements with China, Trump replied, “We’ll see.”
The trade confrontation between the United States and China began in July 2018. Then Washington imposed duties of 25% on the import of 818 types of Chinese goods for a total of $ 34 billion a year. Beijing has taken mirror measures. Later, the parties have repeatedly introduced new duties.
The parties signed an agreement on the first phase of the trade deal on January 15 in Washington. China, in particular, agreed to increase purchases of American products by $ 76.7 billion during the first year and by $ 123.3 billion during the second year of the agreement.