U.S., China reaffirm commitment to Phase 1 trade deal in phone call

26/08/2020 12:00 - 164 Views

Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday.

The pledge was made in a telephone call between U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He - their first formal dialogue since early May - amid concern the deal could be on shaky ground as U.S.-China ties weaken.

“Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” the U.S. Trade Representative’s office (USTR) said in a statement after what it described as a regularly scheduled call.

The call was originally expected on Aug. 15, six months after the trade deal was launched.

But President Donald Trump, who has expressed anger at China over the novel coronavirus pandemic, said last week he had postponed talks with China because “I don’t want to deal with them now.”

Source: Reuters