WASHINGTON (Pakistan Point News / Sputnik - 01st July, 2020) China appears to be following through on its trade promises with the United States despite concerns that the novel coronavirus pandemic could scuttle the so-called Phase One trade deal between the two nations, US Treasury Secretary Steve Mnuchin said.
"We have every expectation that they will support and live up to the Phase One agreement, and they are well on their way to those commitments," Mnuchin said on Tuesday during a Congressional hearing on the Treasury Department's response to the pandemic.
Presidents Donald Trump and Xi Jinping signed the Phase One deal in January, paving the way for Beijing to buy more than $200 billion worth of US goods and services to make up for huge trade deficits suffered by the United States in the past. The Trump administration has also accused China of stealing US technology and other intellectual piracy, a charge Beijing denies.
While China commenced with buying some US goods and services right after concluding the trade deal, its purchases ground to a virtual halt once the novel coronavirus outbreak hit the world in a bigger way from February.
The fate of the trade deal has also been in question in recent months as Trump repeatedly said he "no longer felt good" about the arrangement, due to his unhappiness with Beijing, which he accused of spreading the novel coronavirus to the United States and the world.