China, US agree to 'push forward' phase one trade deal, held talks over phone

Despite the soaring tensions between China and the United States, top diplomats from both sides held “constructive dialogue” over the phone on Tuesday, August 25. The relations between the US and China have deteriorated over a range of issues from response to COVID-19 pandemic to national security, the US Trade Representative Robert Lighthizer, US Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He. As per the statement released after the talk, the superpowers have agreed to “push forward” their phase one economic deal. 

Marking the first step towards a truce and end the months-long trade war, US and China had signed the ‘Phase One’ deal back in January. It included Beijing to import an additional $200 billion in America’s cars, machinery, oil and farm products over the span of at least two years. However, all efforts seemed to have nullified after the COVID-19 pandemic tightened its grip across the world. The purchase of American goods has been lagging while Chinese and American officials publicly indulged in a war of words. 

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US statement after negotiation with China

As per the statement released by the US Trade Representative, Washington and Beijing addressed the steps that China took to effectuate structural changes called for by the historic Phase One deal that would further ensure greater protection of rights. 

US said, “The parties addressed steps that China has taken to effectuate structural changes called for by the Agreement that will ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture, and eliminate forced technology transfer.”

“Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” it added.

China, on the other hand, reportedly released a brief statement about holding ‘constructive dialogue’ with the US. Beijing said that the two sides have agreed to create conditions and atmosphere to continue to “push forward” the implementation of phase one of the China-US economic and trade agreement. 

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(With agency inputs)