China-US to review 'Phase one' trade deal in coming days: Chinese commerce ministry

China and the United States have agreed to hold trade talks “in the coming days” to evaluate the progress of their 'Phase one' deal, the Chinese commerce ministry said on August 20. The deal which went on floor in February this year involved China’s commitment to boost purchases of American goods such as the agricultural and manufactured products, energy, and services, according to a news agency report.

Implementation of deal reviewed on August 15

The implementation of the deal was reviewed on August 15 by both American and Chinese officials. It was postponed despite Chinese request to fast forward it. But ministry spokesperson Go Feng who was briefing a weekly online meeting confirmed that discussions related to 'Phase one' deal would be held soon.

As a part of the deal, China had agreed to increase the purchase of US goods by $200 billion, including agricultural product, energy, and manufactured goods, among others. However, China is far behind in meeting the first-year goal of a $77 billion increase and has purchased only 5 per cent of the energy products needed to meet the goal of $25.3 billion in the first year of the Phase one deal.

Read: China, US To Review 'Phase One' Trade Deal, Raise Grievances On Aug 15: Report

Read: China Asks US To Allow Trade Deal To Proceed

China’s ambassador to the United States said that there was always a plan for high-level consultations at the end of six months, emphasising that the two sides have remained in regular contact for the implementation of the deal. Speaking at a virtual event of Aspen Security Forum, Cui Tiankai opined that the meeting, if occurs, will be “very positive”.

Meanwhile, Trump's opponent Joe Biden said that his handling of the trade deal with Chinese counterpart was "failing badly”. Criticizing Trump’s rhetoric of being “tough” with China, Biden cited Commerce Department data with a widening trade deficit of up to 5 per cent (approx. 428.4 billion), noting, that China mislaid its commitment of purchasing US goods. In a statement to a news agency, Biden said Trump’s 'phase one' trade deal had unfurled in disappointment.  

Read: China Asks US To Allow Trade Deal To Proceed

Read: Joe Biden Says, Trump’s Phase One Trade Deal With China Is 'failing Badly'