Since Washington and Beijing signed the so-called phase one agreement earlier this year, just as the pandemic has shaken global (and especially Chinese) economic activity, the agreement has been in trouble. Its very ambitious targets – a huge increase in exports of U.S. energy, agricultural products, production and other goods to the United States this year and next – have always been difficult to achieve. The only thing that has been complicated by the pandemic, for example, is a strong pressure on Chinese demand for U.S. oil and natural gas, whose sales are far from close to the original targets. This will disappoint both Huawei and the Chinese government, furious at Washington`s relationship with U.S.-China relations. The Phase 1 agreement, signed in January after nearly two years of speech, is the only area in which the world`s two largest economies are still working together. Analysts tell me that is unlikely. With the signing of this agreement, there is a clear separation between national security and trade, and Huawei and other Chinese companies should always expect the pressure on them to continue. So expect more U.S. export bans not only for Huawei, but also for several other Chinese companies and increased U.S. control over Chinese investment abroad. U.S.
President Donald Trump`s phase-one trade deal with China, one of the few chances of success in three years of damaging trade wars, died slowly when the economic devastation of the coronavirus pandemic made its ambitious and ambitious trade goals virtually unattainable. Wendy Cutler, vice president of the Asia Society Policy Institute, which negotiated trade pacts for the Obama administration, called the benefits “reasonable but modest.” Bown said China will continue to tax 57 percent of imports from the U.S. in retaliation, although some of these taxes may be exempt in the coming weeks. All these obstacles and complications lead to political failure. Regardless of who is president, the United States must get China to liberalize its tariffs, reduce non-tariff barriers, and streamline its subsidies and other practices that distort economic incentives.