The Washington Post
The United States and China postponed the revision of their Phase 1 industrial agreement scheduled for Saturday, according to a Reuters report.
No new date has been agreed for the agreement signed in January.
A convention for senior Chinese Communist Party leaders scheduled on the same day as U.S. talks and resulted in a late review of the agreement, news signing reported.
Apart from that, U.S. officials sought to give China more time to increase its purchases of U.S. products under the agreed agreement.
Jeffrey Halley, senior market analyst at OANDA, described the postponement as a way to give China “more time to buy more goods from Americans.”
“Unlike the maximum discourse between the United States and China in those days, the tone on both sides was refreshingly well-educated and civilized,” he said.
Officials from both countries were scheduled to hold talks on Saturday, the sixth anniversary of the signing of the agreement on February 15 in a call for a convention, which aims to review the progress of the agreement for the first part of the year.
“Given the chaos of more than two months, this has at least prevented things from getting worse,” said Connor Campbell, a monetary analyst at SpreadEx.
China is the third largest export market in the United States and buys aircraft, machinery, medical and agricultural arrangements and more.
The agreement requires China to increase its purchases of U.S. agricultural and manufactured products, Energy and up to $200 billion over the next two years. All of this is in addition to purchases made in 2017. Knowledge suggests that China is far from achieving this goal.
However, as restrictions on blocking coronaviruses have been relaxed, China’s purchases have increased. The U.S. Department of Agriculture announced Friday the sale of 126,000 soybeans to China, the eighth consecutive week of primary sales to China.
Officials in President Trump’s administration have indicated that they are swiftly in the agreement and are not intended to abandon the agreement.
The agreement would also mean an increase for U.S. monetary companies in China, more powerful high-level asset protections, and the removal of some barriers from the agricultural industry.
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