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China pledges to implement US trade deal amid rising tensions

Bloomberg
Bloomberg5/22/2020 03:55 PM GMT+08  • 3 min read
China pledges to implement US trade deal amid rising tensions
China reiterated a pledge to implement the first phase of its trade deal with the U.S. despite setbacks from the coronavirus outbreak, and as tensions escalate between the world’s two biggest economies.
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(May 22): China reiterated a pledge to implement the first phase of its trade deal with the U.S. despite setbacks from the coronavirus outbreak, and as tensions escalate between the world’s two biggest economies.

“We will work with the United States to implement the phase one China-U.S. economic and trade agreement,” Premier Li Keqiang told an annual gathering of lawmakers in Beijing on Friday. “China will continue to boost economic and trade cooperation with other countries to deliver mutual benefits.”

Over the past two years, the Trump administration had imposed punitive duties on roughly US$360 billion (S$509.68 billion) in Chinese goods, and China retaliated by raising levies on more than half of America’s exports. The two sides signed a phase-one trade pact on Jan. 15 and rolled back some of the tariffs, but the agreement has come under threat as the two nations escalate disputes on many fronts.

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