China and the US confirmed their readiness to create favorable conditions for the first phase of the trade agreement concluded earlier. This was announced by the Chinese Ministry of Commerce.
On Friday, May 8, the head of the Chinese delegation at the talks with the U.S. on trade Liu He discussed by telephone with his U.S. counterparts U.S. Trade Representative Robert Lighthouse and Treasury Secretary Stephen Mnuchin the need to strengthen cooperation in the field of macroeconomics.
It is noted that in order to achieve positive results in the trade deal, the parties agreed to maintain contacts and coordinate
On May 6, U.S. President Donald Trump promised to make a statement in one or two weeks whether China is fulfilling the first phase of the trade agreement.
On January 15 Trump and Chinese Deputy Prime Minister Liu He signed the first package of documents under the trade agreement between the two countries.
In particular, the parties agreed that Beijing will purchase $75 billion worth of American industrial goods, $50 billion worth of energy, $40 billion worth of agricultural products and another $35-40 billion worth of services that China will have to spend in the next two years.
On February 6, the Chinese Ministry of Finance announced that it had halved duties on a number of goods imported from the US for a total of $75 billion.
The trade confrontation between China and the US began in July 2018. Then Washington imposed 25% duties on imports of 818 types of Chinese goods for a total of $34 billion a year. Beijing adopted mirror measures. Later, the parties introduced new duties.