Home Economy US urges China to take ‘concrete action’ to honor Trump’s Phase 1 trade deal

US urges China to take ‘concrete action’ to honor Trump’s Phase 1 trade deal

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US urges China to take ‘concrete action’ to honor Trump’s Phase 1 trade deal

UNITED STATES, WASHINGTON (TRADING SIGNAL GROUP) – U.S. officials have urged China to take “concrete action” as part of the first phase of a trade deal struck during Donald Trump’s presidency to buy $200 billion worth of additional goods and services from the U.S. in 2020 and 2021.

Officials said Washington is losing patience as Beijing has “showed no real signs” in recent months that it intends to catch up on two-year purchase commitments. The deadline for execution passed at the end of 2021.

The US government is due to release annual trade data, which analysts expect will indicate China’s lack of commitment to increasing purchases of US agricultural and industrial goods, as well as energy and services.

According to trade data compiled by Chad Baun of the Peterson Institute for International Economics, China’s trade execution was about 60% by November.

“Because we inherited this agreement, we are pointing out (PRC) outstanding procurement obligations – both for the interests of American farmers, ranchers and manufacturers, and to give China the opportunity to show commitment to its obligations. But our patience is running out,” the US official said.

Trump’s agreement in January 2020 ended a nearly three-year trade war between the world’s two largest economies, but left hundreds of billions of dollars worth of import duties untouched.

China’s Ministry of Commerce was not available for comment.