US, China affirm support for phase one trade deal
US and Chinese trade negotiators have reiterated their commitment to the countries' "phase one" trade agreement in a high-level call, following days of increasingly heated accusations over the Covid-19 pandemic.
Chinese vice-premier Liu He, US treasury secretary Steven Mnuchin and trade representative Robert Lightizer held a phone call earlier today Beijing time to discuss the trade deal and other economic issues, including the impact of the Covid-19 pandemic.
Both sides agreed that good progress is being made on creating the infrastructure needed to make the deal a success, the US Trade Representative's office (USTR) said. "In spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner," it said.
Chinese state media confirmed the call but did not repeat the USTR's language on fully meeting the deal's obligations.
"The two sides agreed that they should enhance macroeconomic and public health co-operation, create a favourable atmosphere and conditions for the implementation of the China-US phase one trade deal, and strive for positive outcomes," state-owned news agency Xinhua said.
The call may help smooth over US-China relations, which have come under pressure in recent days, as Washington pushed unsubstantiated claims about Beijing's culpability in the spread of the Covid-19 pandemic. Beijing denies the claim, advising Washington to focus on containing the pandemic instead of blaming China for it.
The two governments briefly dialled back confrontational statements after a phone conversation that Trump held with his Chinese counterpart Xi Jinping in late March, focusing on the prospect of a major trade agreement signed on 15 January that commits Beijing to buying $200bn worth of US energy and other products in 2020-21. But the phase one deal, which looked too ambitious even before the pandemic, is looking even more unrealistic given the economic dislocations in both countries. "The deal was superseded by a virus that should have never happened," Trump said last month.
China did not take delivery of any crude or LNG from the US in the first quarter, although Chinese buyers have significantly picked up orders for US LPG since Beijing granted tariff exemptions in March.
By Kevin Foster
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Russia takes aim at US nuclear power by throttling uranium
BHP to spend up to $14 billion on Chilean copper expansion
Aluminum price to average 6% higher in 2024 on strong demand: Fitch
Trump chooses oil fracking boss as energy secretary
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project