products by China as well as future actions needed to implement the agreement,” said the USTR. The parties also discussed the significant increases in purchases of U.S.
“The parties addressed steps that China has taken to effectuate structural changes called for by the Agreement that will ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture, and eliminate forced technology transfer. The office of the US Trade Representative (USTR) also released an announcement, speaking positively on the trade deal. “The two sides agreed to create conditions and atmosphere to continue pushing forward the implementation of the US-China phase one trade agreement,” according to a statement put forth by the Ministry of Commerce of China. Total Chinese tariffs applied exclusively to US goods: US$185 billionĭay 782: August 25 – US, China hold trade talks, act optimistic on phase one trade dealĬhina’s Vice Premier Liu He, US Trade Representative Robert Lighthizer, and Treasury Secretary Steven Mnuchin talked trade matters this morning. Total US tariffs applied exclusively to Chinese goods: US$550 billion Here, we present a timeline of the major events in the trade conflict, what led up to it, and how the two countries are attempting to deescalate the situation.
Why is China Introducing New Technology Export Controls?īoth sides have also threatened qualitative measures that affect US businesses operating in China.įor many months, neither Trump nor China’s President, Xi Jinping, showed signs of wanting to back down.īut finally, on January 15, 2020, the first signs of a truce were seen, when the two sides signed the Phase One Deal, which officially agreed to the rollback of tariffs, expansion of trade purchases, and renewed commitments on intellectual property, technology transfer, and currency practices.
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