May 08, 2020
Since March 2018, Beijing and Washington have been exchanging punitive customs duties on hundreds of billions of dollars worth of goods, which greatly affects the Chinese economy and causes a slowdown in the global economy.
The ministry said that this understanding took place during a phone conversation Friday morning between Chinese Vice Prime Minister Liu He, who led trade negotiations with the United States, and US Trade Representative Robert Lighthouse and Treasury Secretary Stephen Mnuchen.
Under the agreement concluded by the United States and China in January and ending the two-year trade war between the two countries, Beijing pledged to increase its purchases of US products by $ 200 billion over two years, but the paralysis that hit the global economy due to the outbreak of the new Corona virus and the growing disagreement between Washington and Beijing over The origin of the epidemic raised doubts about whether this agreement would actually be implemented.
According to the Chinese Ministry of Commerce, the two parties affirmed, during their phone calls, "their readiness to enhance their cooperation in the field of macroeconomics and public health and do everything in their power to create a favorable environment for the implementation of their preliminary economic and trade agreement in order to reach positive results."
Last week, US President Donald Trump threatened trade sanctions against China, blaming it for the outbreak of the deadly epidemic in the world and its catastrophic economic repercussions.
The Trump administration accuses Beijing of covering up the spread of the epidemic on its soil, and suspects that an accident occurred in a laboratory near Wuhan, where the virus first appeared in the world at the end of last year, and caused the virus to spread to humans.
The aim of increasing Chinese imports of American products is to reduce the large deficit in the trade balance between the two countries, which is in China's interest.
The interim agreement also includes provisions relating to the protection of intellectual property and the conditions for the transfer of technological knowledge, which are also among the first American demands.
Trump launched a trade war against China in the spring of 2018 to put an end to "unfair" Chinese trade practices, and in this context, tight customs duties were exchanged between the two countries that affected hundreds of billions of dollars in goods.