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06-01-2022, 09:18 AM
Orange Wang
Published: 12:00am, 5 Jan, 2022
China and the United States have reached a “stalemate” in the process to resume trade talks despite the expiry of their phase-one trade deal last week
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A long-awaited new round of talks between China’s chief trade negotiator, Vice-Premier Liu He, and US Trade Representative Katherine Tai and US Treasury Secretary Janet Yellen has yet to happen.
......
China’s two-year commitment to buy an additional US$200 billion of American goods and services above 2017 levels expired at the end of December, and while it will take time for the final figures to be confirmed, indications are that it has fallen around 40 per cent short.
......
China’s commerce ministry said at the end of December that Beijing had “worked hard” to overcome “multiple adverse impacts” including the coronavirus, the global economic recession and supply chain issues since the deal was signed in January 2020.
It also called on the US to “create a good atmosphere and conditions for the two sides to expand trade cooperation”.
Amid the absence of senior-level trade talks, tensions between the world’s two largest economies have escalated since the virtual summit between Xi and Biden, resulting in the reintroduction of Trump-era tit-for-tat sanctions.
“The commercial and trade policies have been constrained by security and diplomatic issues,” said Lu Xiang, a US-China expert at the Chinese Academy of Social Sciences.
“From the observer’s point of view, there is not much that can be expected.”
Since November, the Biden administration has placed dozens of Chinese firms – including quantum computing and semiconductor companies, the world’s top commercial drone maker DJI Technology and China’s Academy of Military Medical Sciences – on its trade and investment blacklists.
......
However, there are some positive indicators after Yellen said in December that cutting some tariffs on Chinese goods could ease American inflation pressure.
China also announced last month continued exemptions for 124 types of US goods from additional tariffs until June.
“If the US is willing, the two sides might talk about a more systematic agreement, but the US does not seem to have formed a systematic trade policy toward China yet,” Lu added.
Full article plus comments at: https://www.scmp.com/economy/china-econo...trade-talk
Published: 12:00am, 5 Jan, 2022
China and the United States have reached a “stalemate” in the process to resume trade talks despite the expiry of their phase-one trade deal last week
......
A long-awaited new round of talks between China’s chief trade negotiator, Vice-Premier Liu He, and US Trade Representative Katherine Tai and US Treasury Secretary Janet Yellen has yet to happen.
......
China’s two-year commitment to buy an additional US$200 billion of American goods and services above 2017 levels expired at the end of December, and while it will take time for the final figures to be confirmed, indications are that it has fallen around 40 per cent short.
......
China’s commerce ministry said at the end of December that Beijing had “worked hard” to overcome “multiple adverse impacts” including the coronavirus, the global economic recession and supply chain issues since the deal was signed in January 2020.
It also called on the US to “create a good atmosphere and conditions for the two sides to expand trade cooperation”.
Amid the absence of senior-level trade talks, tensions between the world’s two largest economies have escalated since the virtual summit between Xi and Biden, resulting in the reintroduction of Trump-era tit-for-tat sanctions.
“The commercial and trade policies have been constrained by security and diplomatic issues,” said Lu Xiang, a US-China expert at the Chinese Academy of Social Sciences.
“From the observer’s point of view, there is not much that can be expected.”
Since November, the Biden administration has placed dozens of Chinese firms – including quantum computing and semiconductor companies, the world’s top commercial drone maker DJI Technology and China’s Academy of Military Medical Sciences – on its trade and investment blacklists.
......
However, there are some positive indicators after Yellen said in December that cutting some tariffs on Chinese goods could ease American inflation pressure.
China also announced last month continued exemptions for 124 types of US goods from additional tariffs until June.
“If the US is willing, the two sides might talk about a more systematic agreement, but the US does not seem to have formed a systematic trade policy toward China yet,” Lu added.
Full article plus comments at: https://www.scmp.com/economy/china-econo...trade-talk
