China to propose restoration of 2020 ‘Phase 1’ trade deal with the US: Report
Donald Trump's administration will reportedly focus on restoring the ‘Phase 1’ trade deal signed in 2020 during his first term in the White House.
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Recently, the Trump administration had imposed 25% tariffs on imports from Mexico and several Canadian goods, as well as 10% on goods from China, due to its failure to curb chemicals used to produce fentanyl, a deadly opioid.
Other elements of Beijing's plan include an offer to make additional investments in the US in sectors such as electric vehicle batteries. This marks a renewed pledge by Beijing not to devalue the yuan to gain a competitive advantage, alongside a commitment to reduce exports of fentanyl precursors, sources informed The Wall Street Journal.
Also Read :Ford shares take a hit as Donald Trump’s tariff war disrupts US auto industry
Phase 1 trade deal
In 2020, Trump signed the Phase 1 trade deal, which effectively ended the nearly two-year tariff war at that time. As per the deal, China was required to increase its purchases of US exports by $200 billion over two years. But the country was unable to meet these targets due to the COVID-19 pandemic, according to Reuters.
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