U.S. trade groups urge China to increase purchases of U.S. goods, services

WASHINGTON (Reuters) - The U.S. Chamber of Commerce and over 40 trade associations on Monday urged top U.S.

Reuters July 07, 2020 00:05:16 IST
U.S. trade groups urge China to increase purchases of U.S. goods, services

US trade groups urge China to increase purchases of US goods services

WASHINGTON (Reuters) - The U.S. Chamber of Commerce and over 40 trade associations on Monday urged top U.S. and Chinese officials to redouble efforts to implement a Phase 1 trade agreement signed by the world's two largest economies in January despite pandemic-related strains.

In a letter to U.S. Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the group said they were encouraged by the progress so far, but called for a significant increase in China's purchases of U.S. goods and services.

The groups said combating the novel coronavirus pandemic and restoring global growth depended in part on successful implementation of the U.S.-China trade deal, which helped defuse a nearly 18-month trade war marked by tit-for-tat tariffs.

U.S.-China tensions have escalated in recent months over the origins of the coronavirus outbreak, as well as China's passage of a new national security law that critics say will limit Hong Kong's autonomy.

U.S. President Donald Trump had said that "decoupling" the two economies remains an option, and his trade adviser Peter Navarro jolted markets last month when he said the U.S.-China trade agreement was "over," although he quickly backtracked.

Trump's Chief of Staff Mark Meadows said on Monday the U.S. president was considering several executive orders targeting China and manufacturing, but gave no details.

The chamber and other U.S. industry groups urged both sides to accelerate implementation of the trade agreement, arguing that it would help both countries while paving the way for Phase 2 talks on other key issues such as subsidies, cybersecurity and digital trade.

"Amid increasing bilateral tensions across the relationship, working together to improve trade and grow commerce can provide important benefits to both economies and help to improve relations," they wrote in the letter.

(Reporting by Andrea Shalal; Editing by Franklin Paul and Richard Chang)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.