US President Joe Bayiden gave hope for the final cessation of a trade war with China. The American government intends to start negotiations with the PRC “from pure sheet”, writes The Wall Street Journal, with reference to the statement of the representatives of the White House.
US is ready to start new negotiations, because “doubt” in the intention of Beijing to seriously approach the discussion of the second phase of the Trade Agreement – China has not fully fulfilled the conditions first. The US government will retain duties on the import of goods from China and expects that the PRC will increase the import of goods and services from the United States. If this does not happen, additional sanctions will be introduced against Beijing. Later on October 4, the US shopping representative Catherine Tha should reveal more details about the upcoming negotiations and trading relations of the two countries.
The shopping war of the United States and China began in 2017 at the presidency of Donald Trump – then the American side introduced duties to import Chinese goods for hundreds of billions of dollars. The agreement on the first phase of the settlement of the economic conflict between the two countries was signed on January 15, 2020 – it implies that in two years the PRC will increase the import of goods and services from the United States at least 200 billion dollars. Beijing pledged to spend 77.7 billion on industrial products, 52.4 billion – energy carriers, 37.9 billion – for services.
In early August, the influential American business groups appealed to the US government with a request to recover with the Chinese administration. In their opinion, it is necessary to reduce the tariffs for imports that brake the development of the American economy. Entrepreneurs believe that Beijing fulfilled all obligations under the trade agreement – for example, opened markets for American financial institutions and reduced barriers to export agricultural products from the United States to China.