Post by the Scribe on Aug 31, 2020 1:22:35 GMT
We took the toughest, boldest, strongest and hardest-hitting action against China in American history by far.
As part of its “Phase 1” trade deal with the Trump administration, China agreed to substantially increase its purchases of U.S. goods and services by the end of next year. The two sides reaffirmed their commitment to the deal this week. But so far, China has fallen far short of the promised purchases. The deal relaxes some tariffs on Chinese imports and lifts others. But hundreds of billions of dollars in goods that the U.S. buys from China are still subject to steep import taxes, averaging 19.3%. The deal does not address some of the major structural complaints about China, including its government subsidies for state-owned businesses. In addition, the coronavirus pandemic has badly strained U.S.-China ties.
Scott Horsley
NPR Chief Economics Correspondent
As part of its “Phase 1” trade deal with the Trump administration, China agreed to substantially increase its purchases of U.S. goods and services by the end of next year. The two sides reaffirmed their commitment to the deal this week. But so far, China has fallen far short of the promised purchases. The deal relaxes some tariffs on Chinese imports and lifts others. But hundreds of billions of dollars in goods that the U.S. buys from China are still subject to steep import taxes, averaging 19.3%. The deal does not address some of the major structural complaints about China, including its government subsidies for state-owned businesses. In addition, the coronavirus pandemic has badly strained U.S.-China ties.
Scott Horsley
NPR Chief Economics Correspondent