High-Level US-China Trade Video Call... Discussion on Implementation of Bilateral Trade Agreement

[Asia Economy Reporter Gong Byung-sun] Senior trade representatives from the United States and China discussed the implementation status of their bilateral trade agreement through a video call.

On the 9th, China's state-run media Xinhua News Agency reported that Chinese Vice Premier Liu He and Katherine Tai, the U.S. Trade Representative (USTR), held a video call.

Both sides exchanged views on strengthening trade cooperation between the U.S. and China and expressed their respective positions on matters of interest. They also agreed to resolve issues through negotiations, continue communication based on equality and mutual respect, and create favorable conditions for the healthy development of bilateral trade relations and the recovery of the global economy. The Chinese side negotiated the withdrawal of additional tariffs and sanctions and conveyed its stance on China's economic development model and industrial policies.

The call took place after the Biden administration in the U.S. unveiled its China trade strategy on the 4th (local time), which emphasized maintaining high tariffs from the Trump administration era and adhering to the Phase One trade agreement. At that time, Representative Tai stressed the necessity of implementing the Phase One agreement and urged China to comply, stating that related consultations would proceed.

In January last year, the U.S. and China signed the Phase One trade agreement. According to the agreement, China committed to purchasing an additional $200 billion (approximately 239.2 trillion KRW) worth of U.S. goods and services during 2020?2021 compared to 2017 levels.

This content was produced with the assistance of AI translation services.