Few US Companies Consider Trump’s Phase 1 Trade Deal Worth the Cost of Tariffs | China News

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Little United States companies doing business in China see President Donald De Trump Phase 1 trade deal worth the cost of tariffs incurred during a two-year trade war, a new investigation from WEChina Business Council (USCBC) showed on Tuesday.The trade group said only 7% of respondents to its annual membership survey said the benefits Phase 1 agreement outweighs the tariff costs incurred en route. About 36% of respondents said the costs outweighed the benefits and 56% said it was too early to tell.

But USCBC said 88% of those polled had a “positive” or somewhat positive overall view of the trade deal. Half of those who responded positively said this was because the agreement “makes the bilateral relationship more stable and lessens the chances of further tariff escalation”.

the Phase 1 trade agreement, activated on February 15, calls for China to increase purchases of WE agricultural and manufactured products, energy and services of $ 200 billion over two years, with WE access to Chinafinancial services markets and some improvements in intellectual property protection. Negotiations promised on a Phase 2 agreement covering more difficult technology transfersues, industriel subsidies and data restrictions have been dropped.

China is far behind the pace of purchases needed to meet its goal of increasing purchases for the first year of $ 77 billion.

Despite this deficit and a rapid deterioration WEChina relation in the middle of issues of ChinaHong Kong’s security crackdown for De Trump threatens to shut down China’s-owned TikTok short video app, White House adviser Larry Kudlow has told Tuesday when the Phase 1 trade deal is “great now”.

High WE and Chinese authorities are due to hold a video conference on Saturday to assess the six-month implementation of the Phase 1 accord.

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