- Negotiations
Washington and Beijing began formal negotiations towards a bilateral investment treaty (BIT) in June 2008. A year later, the highly sensitive talks were halted until July 2013. The US is interested in getting Chinese restrictions on foreign ownership in about 100 sectors — from soybean oil and automobiles to life insurance and other financial services — lifted for US companies which want to expand their market presence there. The Chinese government is interested in getting more security for highly-scrutinised Chinese investments in the US and its massive holdings of US sovereign debt ($1.3 trillion).
In late 2013, China agreed to initiate talks on a possible BIT with the European Union as well.
July 2014
17-Aug-2020
Reuters
The United States and China have delayed a review of their Phase 1 trade deal, citing scheduling conflicts and the need to allow time for more Chinese purchases of US exports.
14-Aug-2020
Reuters
White House economic adviser said the Trump administration is satisfied with China’s progress in meeting commitments to purchase U.S. goods in a Phase 1 trade deal.
5-Aug-2020
CNBC
Given the global coronavirus recession, China is lagging behind its first-year goal of a $77 billion rise in purchases.
7-Jul-2020
Reuters
The US Chamber of Commerce and over 40 trade associations on Monday urged top American and Chinese officials to redouble efforts to implement a Phase 1 trade agreement.
19-Jun-2020
South China Morning Post
China pledged to buy US$36.5 billion worth of American agriculture products under the phase one deal, up from US$24 billion in 2017, before the trade war.
2-Jun-2020
Bloomberg
Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods including soybeans as Beijing evaluates the ongoing escalation of tensions with the US over Hong Kong.
22-May-2020
Forbes
The Phase One trade deal had China committing to $30 billion in energy purchases. But US energy exports to China actually shrank by 33% in Q1.
12-May-2020
Global Times
More hawkish voices have emerged within China on the phase one trade deal with Washington, with some calling for new negotiations and a tit-for-tat approach on spiraling trade issues.
11-May-2020
CNBC
"The targets were never realistic; they were just gaudy numbers meant to impress. The pandemic made the unrealistic the impossible."
4-May-2020
Bloomberg
Trump raised concerns of a resumption of economic hostilities with China, threatening to withdraw from the trade deal if Beijing’s purchase pledges come up short.
