China seems to be observing at present the trade agreement with the United States, US National Security Advisor Robert O'Brien said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 28th October, 2020) China seems to be observing at present the trade agreement with the United States, US National Security Advisor Robert O'Brien said on Wednesday.
"The President brought PRC [People's republic of China] to the table and in January and we signed the Phase 1 trade deal that prohibits China from forcing US companies to transfer the technology, open Chinese markets to tens of billion of Dollars of US agricultural sales and financial services firms and partially address Chinese Currency Manipulations," O'Brien said. "So far, China seems to be abiding by the deal."
In mid-January, the United States and China struck the Phase 1 trade agreement in which Beijing agreed to increase purchases of US goods and services by $200 billion over the next two years. On February 14, China reduced by 50 percent tariffs it had imposed on a number of US goods.
The tariff war between the United States and China took place after US President Donald Trump decided in June 2018 to impose 25 percent tariffs on $50 billion worth of Chinese goods in a bid to fix the US-Chinese trade deficit. Last May, the United States more than doubled import duties on $200 billion of Chinese goods. China retaliated by increasing tariffs on US imports later that year.