Trade Agreements Us China
“They have said they intend to implement the plan and we are in touch with them,” White House economic adviser Larry Kudlow said Thursday. “We have big differences with China on other issues, but as far as the Phase 1 trade agreement is concerned, we are committed.” The trade war has had a negative impact on the economies of the United States and China.    In the United States, this has led to higher prices for consumers and financial hardship for farmers. In China, the trade war contributed to the slowdown in economic and industrial output growth, which was already declining. Many U.S. companies have relocated to other Asian countries by supply chain, raising fears that the trade war could lead to an economic “decoupling” between the United States and China.  In other countries, the trade war has also caused economic damage, although some countries have benefited from increased production to fill the gaps. It has also caused instability in the stock markets. Governments around the world have taken steps to repair some of the damage caused by economic conflict.     At the same time, China was importing more pork to deal with local bottlenecks caused by the epidemic, resulting in U.S. pork exports exceeding their 2020 target (see Chart 3).
In September, Chinese pork imports from the rest of the world also increased by more than 400% compared to 2017. And in one of the few parts of the first phase agreement, which includes political commitments (Chapter 3), China has agreed to remove technical barriers that had slowed pork imports. James Andrew Lewis of the Center for Strategic and International Studies said the U.S. china needs a commitment to respect international trade rules and standards and to extend mutual treatment to U.S. companies in China.  And even some representatives of the Trump administration have been cautious about a new customs war that would cause markets to falter and would likely result in the S-P 500. SPX, which acted this week close to records. “I don`t see what China would benefit from not respecting. My guess is that it won`t happen,” said Vaughn, a business partner at the Washington law firm King and Spalding.