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China-US Trade Deal on the Edge Amid Twists, Turns – Global Times

The key takeaway of the phase-one deal was China’s pledge to buy at least $200 billion more in US goods and services over 2020 and 2021, the report said


China has only met 60% of purchases it promised under the trade deal signed by Vice-Premier Liu He and former President Donald Trump in January 2020. Photo: AFP.

 

Two years ago, in January 2020, China signed the “phase-one” trade agreement with the United States in the hope of ending a 22-month-old “US-initiated” trade deadlock – to defuse a costly trade war and give relief to businesses and reassure the global economy, the Global Times reported.

Over the past two years, while China has faced all kinds of headwinds to fulfill the promises it made in the hard-won deal and bring some certainty to a battered global economy, the US has never stopped setting up roadblocks on a path that could have steered the two countries’ relations back on track, the report claimed. It said the key takeaway of the phase-one deal included China’s pledge to buy at least $200 billion more in US goods and services throughout 2020 and 2021.

 

Read the full report: Global Times.

The photo on this report was changed and the text amended on January 4, 2021.

 

 

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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