WASHINGTON/BEIJING (Reuters) – Top U.S. and Chinese trade officials have reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday.
The pledge was made in a telephone call between U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He – their first formal dialogue since early May – amid concern the deal could be on shaky ground because of worsening U.S.-China ties.
“Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” the U.S. Trade Representative’s office (USTR) said in a statement after what it described as a regularly scheduled call. Read more…..
Chart of the Day
National Economic Council Director Larry Kudlow discusses his outlook for the economy amid the coronavirus pandemic and Joe Biden’s call for higher taxes.