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December 22, 2019

Trump Administration Officials Say Phase One China Deal Is Just The Beginning

As Connecting the Dots reported last week, the United States and China have reached a limited, “phase one” trade deal that includes policy and transparency commitments related to currency issues.

U.S. Secretary of Commerce Wilbur Ross followed up that news by promising that pact is just the beginning. In a television interview, Secretary Ross said, “We wanted to deal particularly with agriculture, which has been so unfairly penalized by the Chinese in retaliation for our section 301 tariffs on them” and promised more efforts are to come.

Regarding the phase one deal, U.S. Treasury Secretary Steve Mnuchin said that agreement currently is going through technical and legal review and will be released and signed in early January 2020.

Also last week: the Chinese government announced that exports from the United States of six chemical and oil products will be exempted from tariffs starting at the end of this month. CNBC has that story.