Daily Management Review

Chinese Vice Premier Liu Will Sign Sino-US Phase One Trade Deal In Washington Next Week


Chinese Vice Premier Liu Will Sign Sino-US Phase One Trade Deal In Washington Next Week
The Chinese commerce ministry has said that it would sing the so called “Phase 1” deal with the United States in Washington next week which would be signed by the Vice Premier of China Liu He, who is also the head of the negotiation team of China that is negotiating the trade agreement with the U.S.
Gao Feng, spokesman at the commerce ministry said that Liu will visit Washington for three days between January 13 and 15. Gao told reporters at a regular briefing that the particular arrangements of the signing are constantly being discussed between negotiators of both the countries as trade negotiation team members of both the countries remain in close communication.
United States President Donald Trump had announced on December 31 that the so called Phase one of the trade agreement between China and the US would be signed at the White House on January 15. Trump had also said he would sign the deal with “high-level representatives of China” and added that he would hold initial  talks on the next phase of the trade deal during his visit to Beijing.
While the details of the Phase one of the Sino-US trade deal have not yet been made public, analysts and observers expect that it the partial will include a cut in tariffs and measures to boost Chinese purchases of US farm, energy and manufactured goods. Analysts also expect China addressing some issues over intellectual property that has been demanded by the US.
In addition to the final version of the phase one of the trade deal not being made public, China is also still not officially and publicly committed to the key points in the Phase one of the deal that have been reported in the media such as reports that China has agreed to increase imports of US goods and services by about $200 billion over a period of two years.

it has been more than a year and a half that a trade war with China was triggered by the US in June of 2018. The US had alleged that China engaged in unfair trade practices that led to a huge trade deficit of the US in favour of China for many years. Washington had also alleged that trade policies of Beijing forced transfer of intellectual property of American companies to Chinese firms in the name of joint ventures as well as in theft of intellectual property of US companies. The US also alleged that China provides huge subsidies to its state run businesses in an unfair manner which reduces competition in the market.

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