US should cooperate with China to implement phase one trade deal

By Huo Jianguo Source: Global Times Published: 2020/8/11 21:46:32

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Chinese Ambassador to the US Cui Tiankai said last week at the 2020 Aspen Security Forum that China is making good progress in implementing the phase one trade deal signed with the US in January, and is carrying out the deal as effectively as possible despite the impact of the pandemic.

As the US' continuous provocation of China in various areas drags the bilateral relationship down to its lowest point in decades, China's commitment to honoring the hard-won agreement has made trade one of the most stable elements of the two countries' relationship.

After the China-US phase one trade deal had been implemented for nearly six months, a review of China-US trade data shows that China's efforts to carry out the agreement have concretely benefited American businesses, despite spiraling tensions and the severe impact of COVID-19.

Although the pandemic is hindering normal trade flows, China is still increasingly purchasing American products, including agricultural products and crude oil, according to trade data of recent months.

At this very critical moment in bilateral relations, it's necessary to caution the US that it should actively cooperate with China to continue implementing the deal well, rather than using it as a tool to beat China with. If anything needs to be reassessed now, it would be the US' misjudgment of the situation.

As the US election approaches, the Trump administration has clearly fallen into a worrying pattern, trying to court voters by continuously increasing its suppression of China. In fact, the US public's main concern is the US' economic performance and pandemic control. If the Trump administration disappoints voters in these two areas - even if it goes all out to suppress China ?- it may be counterproductive. From this perspective, using trade agreements to pressure China won't win the election.

Recently, the US has deliberately made the implementation of the agreement more difficult. US' recent moves to pressure China have undermined the atmosphere of cooperation.

If the US wants China to expand imports, it should at least make efforts to create more stable economic ties, and should not continue to pick new fights. To begin with, the US should cease using tariffs as threats, let alone add pressure on issues related to China's core interests such as Hong Kong, Taiwan and the South China Sea.

In addition, in the implementation of the trade agreement, the US should also show goodwill and sincerity, and take an objective view of the inevitable impact of the pandemic this year on the implementation of the agreement. Put simply, it is beneficial for the US' economic recovery to continue implementing the agreement and its various mechanisms.

The author is vice chairman of the China Society for World Trade Organization Studies in Beijing and former president of the research institute of China's Ministry of Commerce. bizopinion@globaltimes.com.cn



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