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GFMM desk: China and the United States are in talks about signing their Phase-1 of trade agreements. The Chinese Ministry of Commerce said it would see lower tariffs in the US and higher Chinese purchases of US farms, energy and manufactured products compared to Chinese products.
More than two years after the on-and-off trade negotiations, the Phase-1 deal was announced last week, though neither side has released many specifics of the deal.
A Chinese Ministry of Commerce spokesman Gao Feng told reporters at a regular briefing on Thursday (December 19, 2019) that both Chinese and US trade groups were in touch together, adding there is currently no specific information on the deal.
“After the official signing of the deal, the content of the agreement will be made public,” Gao said.
U.S. officials say China agreed to increase purchases of U.S. products and services by at least $200 billion over the next two years.
According to Washington, that would include additional purchases of U.S. farm products of $32 billion over two years. That would average an annual total of about $40 billion, compared to a baseline of $24 billion in 2017 before the trade war started.
Chinese officials have so far not publicly confirmed much of Washington’s version - especially on goods purchase commitments. But China said on Friday when the deal was announced that it will import more U.S. wheat, rice, corn, energy, pharmaceuticals and financial services.
Earlier on Thursday, China unveiled a new list of tariff exemptions for US imports, mostly chemical products, just days after announcing the Phase 1 deal. China said the second part of the waiver list would be released in due course. More…
Source: Online/SZK
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