At the beginning of next week, President of the State Council of China Liu He will pay a visit to the United States. According to Gao Feng, an official spokesman for the Chinese Ministry of Commerce, the first phase of the deal with the United States will be signed during the visit.
“At the invitation of the American side, Vice Premier of the State Council of the PRC Le Hae from January 13 to 15, the head of the delegation on trade and economic issues will leave for Washington to sign the first part of the trade deal with the US, ”Gao Feng said at a briefing.
Recall that in early December Washington and Beijing announced that they had reached an agreement. They refused the next increase in duties, which was supposed to happen on December 15. This became part of the first phase of the transaction.
What does the deal between China and the United States look like
Under the agreements, the United States will retain duties of 25% on Chinese goods worth about $ 250 billion. And for goods worth $ 120 billion, a duty of 7.5% will be introduced. In two years, China should increase purchases of US agricultural products by $ 50 billion a year.
Shortly before that, Peter Navarro, head of the White House National Trade Council told Fox Business on that the United States and China will conclude a trade deal in three stages. Washington and Beijing, he said, are currently “on the road to something good.”
Navarro noted that the United States at this stage considers one of the most important issues regarding the mechanism to ensure that the parties comply with trade agreements
In particular, this mechanism should allow Washington, in cases of violations by Beijing, to “take measures without fear of retaliatory action by China.”
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