US-China phase-one trade deal gets a reality check after nearly two years

·         USTR Katherine Tai has said the US intends to hold China accountable to the two-year phase-one trade deal while exploring weaknesses in Beijing’s performance

·         Analysts expect high tariffs to persist in China-US trade in the long term

 

Ji Siqi, South China Morning Post (China)

21 Nov, 2021

 

As the two-year deadline for the phase-one trade deal between the world’s two largest economies is approaching, all eyes are on the next step.

 

Signed in January 2020, the deal was considered a ceasefire agreement between China and the United States following a two-year trade war that originated from a Section 301 investigation by the US in 2018, when Washington said Beijing had engaged in unfair trade practices such as intellectual property (IP) theft and granted excessive government subsidies to a wide range of domestic industries.

 

The Trump administration first imposed a 25 per cent tariff on US$50 billion worth of Chinese products, then extended the range to US$200 billion. In retaliation, China imposed tariffs ranging from 5 to 25 per cent on various US goods, including agricultural products and vehicles...

 

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https://www.scmp.com/economy/china-economy/article/3156693/us-china-phase-one-trade-deal-gets-reality-check-after-nearly