Published 17:01 IST, August 5th 2020
China, US to review 'Phase One' trade deal, raise grievances on Aug 15: Report
Senior US and Chinese officials will reportedly review the implementation of Phase 1 trade deal after completion of six months and raise grievances on August 15
Senior US and Chinese officials will reportedly review the implementation of Phase 1 trade deal after completion of six months and raise grievances amid deteriorating Sino-US relationship. According to media reports, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He will attend the meeting through a video conference on August 15.
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.
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”.
Trump's threat
Trump has threatened to end the trade deal over China’s handling of coronavirus and crackdown in Hong Kong using the national security law. He has also threatened to ban TikTok, saying the Chinese-owned firm will go out of business in September if it is not sold to an American company.
Meanwhile, Microsoft Corp confirmed the intent to purchase TikTok service in the US, Canada, Australia, and New Zealand, which will lead to tech giant owning and operating TikTok in these markets. The confirmation came after reports emerged that TikTok’s parent company Bytedance was planning to bring changes to its corporate structure, aimed at distancing the social networking service from China.
According to a Bloomberg report, the growing concerns in the United States over the safety of the app due to its China connection has prompted executives to consider options to distance its operations from Beijing. TikTok said in a statement that the social media firm will move forward in the best interest of users, employees, artists, creators, partners, and policymakers.
(With inputs from agencies | Image:)
Updated 17:01 IST, August 5th 2020